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?

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