Please help me with this question Carver Inc. purchased a bulkling and the land on which the bullding Is situated for a total cost of $700,000 cash. The land wasappralsed at $320,000 and the building at $480,000.Requireda What Is the accounting tem 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 bulding.C. Would the company recognize a galn on the purchase?d. Record the purchase Tn a horizontal statements model.Complete this question by entering your answers in the tabs below.Required ARequired BRequired CRequired DRecord the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an invesactivity (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. Enter any decreases to account balancescash outfloVs with a minus sign. Round intermediate calculations to 2 decimal places and final answers to the nearest whole number. Not all cellsrequire entry.)ShowCARVER INC.Horizontal Statements ModelBalance SheetIncome StatementStatement of CashAssetsNetFlowsLiabilities +EquityRevenueExpenseIncomeCashLand+ Building< Required CK Prev4 of 10Next >Ps Carver Inc purchased a bulkling and the land on which the bullding Is situated for a total cost of $700,000 cash. The land wasappralsed at $320,000 and the butlding at $480,000.Requireda What Is the accounting tem for this type of acquTsition?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 horizontal statements model.Complete this question by entering your answers in the tabs below.Required ARequire BRequired CRequired DDetermine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Roundintermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.)AllocatedCostLandBuildingTotal< Required ARequired C >Next >

Answer -- Part B - Amount of Purchase cost to be allocated to Land and the amount to allocate the…

Carver Inc. purchased a bulkling and the land on which the bulldıng Is situated for a total cost of $700,000 cash. The land was appralsed at $320,000 and the building at $480,000. Required a What Is the accounting temm 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 horizontal statements model. Complete this question by entering your answers the tabs below. Required A Required B Required C Required D Record the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an in activity (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. Enter any decreases to account balanc cash outflows with a minus sign. Round intermediate calculations to 2 decimal places and final answers to the nearest whole number. Not all ce require entry.) CARVER INC. Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flows Net Assets Liabilities + Equity Revenue Expense Income Cash Land + Building < Required C 4 of 10 Next >

Carver Inc. purchased a bulkling and the land on which the bulldıng Is situated for a total cost of $700,000 cash. The land was appralsed at $320,000 and the building at $480,000. Required a What Is the accounting temm 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 horizontal statements model. Complete this question by entering your answers the tabs below. Required A Required B Required C Required D Record the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an in activity (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. Enter any decreases to account balanc cash outflows with a minus sign. Round intermediate calculations to 2 decimal places and final answers to the nearest whole number. Not all ce require entry.) CARVER INC. Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flows Net Assets Liabilities + Equity Revenue Expense Income Cash Land + Building < Required C 4 of 10 Next >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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