Carver Inc. purchased a bullding and the land on which the bulding is situated for a...

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Carver Inc. purchased a bullding and the land on which the bulding is situated for a total cost of $949,800 cash. The land was appraised at $229,377 and the bulding at $862,893. 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 bullding. c. Would the company recognize a galn on the purchase? d. Record the purchase in a statements model. Complete this question by entering your answers in the tabs below. Required A Required Required C Required D What is the accounting term for this type of acquisition? Type of acquisition as per accounting < Required A Required B > Carver Inc. purchased a bullding and the land on which the bulding is situated for a total cost of $949,800 cash. The land was appraised at $229,377 and the bulding at $862,893. 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 bullding. c. Would the company recognize a galn on the purchase? d. Record the purchase in a statements model. Complete this question by entering your answers in the tabs below. Required A Required Required C Required D What is the accounting term for this type of acquisition? Type of acquisition as per accounting < Required A Required B >

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Ans a The accounting term is lump sum purchase Ans bAppraised value of land Appraised valu... View the full answer