For each of the following transactions, events, or circumstances, indicate whether the recognition criteria for revenues and gains are met and provide support for your answer.
(a) An order of $25,000 for merchandise is received from a customer.
(b) The value of timberlands increases by $40,000 for the year due to normal growth.
(c) Accounting services are rendered to a client on account.
(d) A 1991 investment was made in land at a cost of $80,000. The land currently has a fair market value of $107,000.
(e) Cash of $5,600 is collected from the sale of a gift certificate that is redeemable in the next accounting period.
(f) Cash of $7,500 is collected from subscribers for subscription fees to a monthly magazine. The subscription period is 2 years.
(g) You owe a creditor $1,500, payable in 30 days. The creditor has cash flow difficulties and has agreed to allow you to retire the debt in full with an immediate payment of $1,200.