Exercise 8-5A Carver Inc. purchased a building and the land on which the building is situated for a total cost of $889,600 cash. The land was appraised at $235.299 and the building at $787741 Required .. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building c. Would the company recognize a gain on the purchase? d. Record the purchase in a statements model Complete this question by entering your answers in the tabs below. Required A Required Required Required D Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Do not round intermediate calculations. Round your final answers to nearest whole dollar) Land Building Total Allocated Cont $ 235 299 787741 S 1073040 O e to search 7 9 0 6 8 4 2 3 5. W E R TY U 53.0WIDU Total powded Help EX Carver Inc. purchased a building and the land on which the building is situated for a total cost of $889,600 cash. The land was appraised at $235.299 and the building at $787741 Required Q. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building c. Would the company recognize a gain on the purchase? d. Record the purchase in a statements model d Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Record the purchase in a statements model like the following one. (Do not round intermediate calculations, Round your final awwers to nearest whole dollar in the Cash Flow column, use the initials o to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA for not affected. Enter any decreases to account balances with a minus sign.) Show le CARVER INC Statements Model Balance Sheet Income Statement Statement of Cash Assets Llabates Equity Reven Expenses Net Income . -Cash 889,600 X Land 280,000 + Building 420.000 ch O BI