On January 1, Year 1, Melvin Corporation promises toUnconditionally transfer a building that cost...

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Accounting

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.

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Facts of the case On January 1 Year 1 Melvin Corporation promises to unconditionally transfer a building that cost 100000 appraised recently at 300000 to the Vivian Comp on Jan 1 Year 2 for a boat she bought for 250000 As of 1231 Year 2 Melvin still has not transferred title to the building although it received title to the boat Questions How should Vivian and Melvin record these transactions Briefly restate the facts of the case Identify the issue State the issue in the form of a research question Give a short answer to the issue Explain the authority and apply it to the facts to discuss your reasoning to arrive at the answer Answers A Refer below for answer to question number 2 Time line Facts At the beginning of See Answer

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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.