Asset recognition and valuation. The transactions listed below relate to Delta Airlines, a provider of airline services. Indicate whether or not each transaction immediately gives rise to an asset of Delta Airlines under GAAP. If accounting recognizes an asset, give the account title and amount.

a. The firm places an order with Boeing for 10 Boeing 767 airplanes, costing \(\$ 80\) million each.

b. Delta writes a check for a total of \(\$ 5\) million as a deposit on the aircraft it ordered in part a.

c. The firm spends \(\$ 4\) million to obtain landing rights for the next five years at Boston's Logan Airport.

d. The firm writes a check for \(\$ 1.5\) million and assumes a mortgage from its bank for \(\$ 8.5\) million to purchase new ground equipment costing \(\$ 10\) million.

e. The firm signs a four-year employment agreement with its president for \(\$ 2.5\) million per year. The contract period begins next month.

f. The firm issues common stock with a market value of \(\$ 60\) million to acquire used aircraft from a bankrupt regional airline. The equipment had a book value on the bankrupt airline's books of \(\$ 75\) million.

g. The firm spends \(\$ 2\) million to advertise flights to the Bahamas that it intends to add to its flight schedule next month.

h. The firm invests \(\$ 4\) million in a government bond. The bond has a maturity value of \(\$ 5\) million in 3 years, and Delta intends to hold the bond to maturity.