Transcribed Image Text
In: AccountingOn January 1, Year 1, Melvin Corporation promises toUnconditionally transfer a building that cost $100,000(appraised...On January 1, Year 1, Melvin Corporation promises toUnconditionally transfer a building that cost $100,000(appraisedrecently at$ 300,000)to the Vivian Comp on Jan 1, Year 2 for a boatshe bought for $250,000. As of 12/31 Year 2, Melvin still has nottransferred title to the building although it received title to theboat. How should Vivian and Melvin record these transactions?Briefy restate the facts of the case. Identify the issue. State theissue in the form of a research question. Give a short answer tothe issue. Cite the ASC authority for your answer. Explain theauthority and apply it to the facts to discuss your reasoning toarrive at the answer.