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please help me on these!! I need the CORRECT ANSWERS!!! Thank you so much! 1 1 16.66 points Exercise 8-5A (Algo) Allocating costs on the
please help me on these!! I need the CORRECT ANSWERS!!! Thank you so much!
1 1 16.66 points Exercise 8-5A (Algo) Allocating costs on the basis of relative market values LO 8-1 Carver Inc. purchased a building and the land on which the building is situated for a total cost of $822,000 cash. The land was appraised at $226,872 and the building at $718,428 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 bulliding c. Would the company recognize again on the purchase? d. Record the purchase in a horizontal statements model eBook Hint Complete this question by entering your answers in the tabs below. Prist Required A Required Required Required D What is the accounting term for this type of acquisition Type of cuisition as per tocounting Basket purchase Required 8 > Complete this question by entering your answers in the tabs below. Required A Required B 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.) Allocated Cost Land Building Total $ 0 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Would the company recognize a gain on the purchase? Would the company recognize a gain on the purchase? Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Record the purchase in a horizontal statements model. (Do not round intermediate calculations. Round your final answers to nearest whole dollar. In the Sta OA 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 minus sign. Not all cells require input.) CARVER INC. Horizontal Statements Model Balance Sheet Income Statement Assets Land Llabilities Statement of Cash Flow Revenue Stockholder's Equity Expenses Net Income Cash + Building Step by Step Solution
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