need help with 14

Exercise 6-5A (Algo) Allocating costs on the basis of relative market values LO 6-1 Carver inc. purchased a building and the land on which the building is situated for a total cost of $883,000 cash. The land was appraised at $253,862 and the building at $761,588 Required a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the fand and the amount to allocate to the buirding. 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