chapter 8 excel

chapter 8 question 2

Carver incorporated purchased a building and the land on which the building is situated for a total cost of $877,400cash. The land was appraised at $201,802 and the builing at $807,208. Required a. Determine the amount of the purchase cost to aliocate to the land and the amount to allocate to the builiding. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format: 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 dellar.) Complete this question by entering your answers in the tabs below. 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 Statement of Cash Flows column, use the initals OA to designate operating a financing activity. Leave blank to indicate that an element is not affected by the event. Enter any decreases to account balances and cash ou intermediate calculations. Round your final answers to the nearest whole dollar.) model. (In the Statement of Cash Flows column, use the initiais OA to designate operating activity, IA for investing activity, and FA for in element is not affected by the event Enter any decreases to account balances and cash outfiows with a mious sign, Do not round Ners to the nearest whole dollari) Record the purchase in general journal format. (Do not round intermediate calculations, Round your final answers to nearest whole dollar. If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet Record purchase of land and building for cash. Wotos: Enter debits before aredit