Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $995,400 cash. The larwas appraised at $194,601 and the building at $950,109Requireda. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building.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.Complete this question by entering your answers in the tabs below.Required A Required BWould the company recognize a gain on the purchase?Would the company recognize a gain on the purchase?< Required AShow Transcribed Textumung unwas appraised at $194,601 and the building at $950,109Required ARequireda. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the buildingb. 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.Complete this question by entering your answers in the tabs below.CashRequired BRequired C Required DRecord the purchase in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operatingfinancing activity. Leave blank to indicate that an element is not affected by the event. Enter any decreases to account balances and cashintermediate calculations. Round your final answers to the nearest whole dollar.)AssetsLandView transaction list<Show Transcribed TextRequired C Required DEvent1Balance SheetBuildingJournal entry worksheetRecord entryNote: Enter debits before credits.Record purchase of land and building for cash.LiabilitiesRequired C >un meng toRequired A Required B Required C Required DRecord the purchase in general journal format. (Do not round intermediate calculations. Round your final answers to nearest wholedollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)General JournalClear entryCARVER INCORPORATEDHorizontal Statements ModelStockholdersEquityIncome Statement14400Statement of Cas-Revenue Expenses Net Income Flows***< Required BDebitCreditRequired D >View general journal Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $995,400 cash. Thewas appraised at $194,601 and the building at $950,109.Requireda. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the buildingb. 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.Complete this question by entering your answers in the tabs below.Required A Required B Required C Required DDetermine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Do not roundintermediate calculations. Round your final answers to nearest whole dollar.)LandBuildingTotalAllocatedCostRequired B >R

Assets that are anticipated to be used for more than a year are included in the property, plant, and…

tes Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $995,400 cash was appraised at $194,601 and the building at $950,109 Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Would the company recognize a gain on the purchase? Would the company recognize a gain on the purchase? < Required A 4 Required C >