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Carver Inc. purchased a building and the land on which the building is situated for a total cost of $874,700 cash. The land was appraised at $160,945 and the building at $844,960. 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. 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 A Required B Required C Required D 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 Would the company recognize a gain on the purchase? Would the company recognize a gain on the purchase? Required a Required B Required Required Record the purchase in a horizontal statements model. (in the Cash Flow column, indicate whether the item is an ope or a financing activity (FA). If an element is not affected by the event, leave the cell blank. Enter any decreases to acc minus sign. Round Intermediate calculations to 2 decimal places and final answers to the nearest whole number. Not a CARVER INC. Horizontal Statements Model Income Statement Balance Sheet Assets Net Statement of Cash Flows Liabilities + Equity Revenue Cash Land + Building Expense Income