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ACC - On January 1, year 1, Melvin Corporation

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Question

Question;On January 1, year 1, Melvin Corporation promises to ?unconditionally? transfer a building that cost $100,000 (appraised recently at $300,000) to the Vivian Company on January 1, year 2 for a boat she bought for $250,000. As of December 31, year 2, Melvin still has not transferred title to the building, although it received title to the boat. How should Vivian and Melvin record these transactions?

 

Paper#41589 | Written in 18-Jul-2015

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