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On January 1, 2014, R. Gould Corporation promises to unconditionally transfer a building that cost $100,000 (appraised recently at $300,000) to the M. Slauson Company
On January 1, 2014, R. Gould Corporation promises to "unconditionally" transfer a building that cost $100,000 (appraised recently at $300,000) to the M. Slauson Company on January 1, 2015 for a boat she bought for $250,000. As of December 31, 2014, R. Gould still has not transferred title to the building, although it received title to the boat. How should M. Slauson and R. Gould record these transactions?
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