How should Valerie and Miller record these transactions

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

Organize and interpret the findings of your research in one to two pages (12-point, double spaced).

Reference no: EM133030471

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