The first milestone for this project was to write initial thoughts regarding the case and the project. Then write up 5-7 sentences with a reference to the case as found in the materials provided. The second milestone for this project entailed a minimum of 5 to 7 sentences, summarized the background of the case and indicated any assumptions regarding the case. Defined the problem statement and research question(s).
Instructions for Milestone # 3: In a minimum of 5 to 7 sentences, identify the key terms in the case, and state why you believe each is relevant to the case. Provide an APA Reference and Citation.
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. How should Marvin Corporation and Valerie Corporation record these transactions?