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.

In a minimum of 5-7 sentences, identify the key terms in your case, and state why you believe each is relevant to your case?

Team -- below is the Methodology that we need to use to apply for our group project. IT is A MUST !

IRAC Method -- use IRAC for each issue present in the case.

Issue - Concise questions

Rule - Authoritative rule such as S-K, S-X, Case Law, FASB, SEC, and Nexis Uni -- NOT IRS Publications

Analysis - Apply the fact to the rule

Conclusion

I don't need the journal entry