Carver Inc. purchased a building and the land on which the building is situated for a total cost of $982,300 cash. The land was appraised at $169,447 and the building at $960,198. 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? 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? Record the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activit (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. Enter any decreases to account b with a minus sign. Round intermediate calculations to 2 decimal places and final answers to the nearest whole number. Not all cell CARVER INC. Horizontal Statements Model Balance Sheet Income Statement Assets Land Statement of Cash Flows = Liabilities + Equity Revenue Net Income Expense = Cash + + Building + + +