Carver Inc. purchased a building and the land on which the building is situated for a total cost of $879,500 cash. The land was appraised at $242,742 and the building at $768,683. Required What is the accounting term for this type of acquisition

Lump-sum purchase

Explanation:

Lump-sum purchase occurs when two or more assets are acquired for a single price and requires that the purchase price be shared out to the assets bought on the basis of the fair market value of each asset acquired.

In this case, we allocated the purchase of $879,500 to each asset as follows:

Cost of land=$242,742/($242,742+$768,683)*$879,500

cost of land=$ 211,080  

Cost of building=$768,683/($242,742+$768,683)*$879,500

Cost of building=$668,420  

d) social security number

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two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.