Indicate whether or not each of the following events immediately gives rise to the recognition of a liability. If a liability is recognized, state an account title and amount.

a A landscaper agrees to improve land owned by the company. The agreed price for the work is $425. Consider from the standpoint of the company.

b Additional common stock with a par value of $50,000 is issued for $62,500.

c A check for $24 is received for a 2-year future subscription to a magazine.

d A construction company agrees to build a bridge for $2 million. A down payment of

$200,000 is received upon signing the contract, and the remainder is due when the bridge is completed.

e During the last pay period, employees earned wages amounting to $24,500 that they have not been paid. The employer is also liable for payroll taxes of 8 percent of the wages earned.

f A landlord receives $900 for 3 months’ rent in advance.

g A 60-day, 8-percent loan for $10,000 is obtained at a bank.

h A firm signs a contract to purchase at least $5,000 worth of merchandise during the next 3 months.