Record the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activit) or a financing activity (FA). If an element is not affected by the event, leave the cell blank. Enter any decreases to account balance minus sign, Round intermediate calculations to 2 decimal places and finat answers to the nearest whole number. Not all cells will re Carver inc. purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The land was appraised at $320,000 and the building at $480,000. 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 buliding. c. Would the company recognize a gain on the purchase? d. Record the purchase in a hotizontal statements model. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. What is the accounting term for this type of acquisition? Complete this question by entering your answers in the tabs below. Would the company recognize a gain on the purchase? Complete this question by entering your answers in the tabs below. Determine the amount of the purchose 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 wholo dollar amount:) the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an ancing activity (FA), If an clement is not affected by the event, leave the cell blank. Enter any decreases to account balances and cast sign. Round intermediate calculations to 2 decimal piaces and final answers to the nearest whole number. Not all cells will require entr