Solved: As of december 31 year 2 melvin still has not transferred, Accounting Basics

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As of december 31 year 2 melvin still has not transferred

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?

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Accounting Basics: As of december 31 year 2 melvin still has not transferred

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Accounting Basics: As of december 31 year 2 melvin still has not transferred

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