hapter 8-E Help 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. ints a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? 9 one d. Record the purchase in general journal format Complete this question by entering your answers in the tabs below the amount of the purchase cost to allocate to the land and the amount to allocate to the building ferences Land Building