Carver inc. purchased a building and the land on which the building is situated for a total cost of $935,000 cash. the land was appraised at $268,812 and the building at $806,438.
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 statements model like the following one.
d. record the purchase in general journal format.
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Carver inc. purchased a building and the land on which the building is situated for a total cost of...
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