Non-Monetary Transaction

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?

Introduction – Central theme/purpose is clearly identifiable and well developed; introductory comments provide sufficient background on the topic and preview major points

Conclusion and recommendations follow logically from the body of the paper and bring closure to the paper

Sample Solution