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How should Marvin Corporation record transactions

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Question - On March 1, year 1, Marvin Corporation promises to unconditionally transfer a building that cost $125,000 with an appraised value of $175,000 to Valerie Corporation on March 1, year 2 for a vehicle that was recently purchased for $140,000. As of December 31, year 2, Marvin Corporation has not transferred title to the building. Marvin Corporation received the vehicle.

Required -

How should Marvin Corporation and Valerie Corporation record these transactions?

Identify the key terms in your case, and state why you believe each is relevant to your case.

Reference no: EM132542268

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