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Carver Inc. purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The land was appraised at $320,000 and the building at $480,000. Required a. 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 horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D What is the accounting term for this type of acquisition? What is the accounting term for this type of acquisition? Required > d. Record the purchase in Complete this question by entering your answers in the tabs below. Required Required D Required A Required B Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Allocated Cost Land Building Total Required A Required c> Complete this question by entering your answers in the tabs below. Required A Required Required Required D Would the company recognize a gain on the purchase? Would the company recognice a gain on the purchase? Required (Required > Complete this question by entering your answers in the tabs below. Required A Required D Required B Required Record the purchase in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating act or a financing activity A). If an element is not affected by the event, leave the cell blank. Enter any decreases to account bala minus sign. Round intermediate calculations to 2 decimal places and final answers to the nearest whole number. Not all cells wi CARVER INC Horizontal Statements Model Income Statement Balance Sheet Statement of Cash Flows Not Income Revenue Expense Ausets Land Equity Liabilities - Cash + Building 1