Liability recognition and valuation. Indicate whether or not each of the following events immediately gives rise to a liability under GAAP. If accounting recognizes a liability, state the account title and amount.

a. A paving company agrees to pave the parking lot owned by a fimi. The agreed price for the work is $12,000. Consider this event from the standpoint of the firm owning the parking lot.

b. A symphony orchestra receives a check for $400 for a two-year, future season ticket to the orchestra's performances. Consider this event from the standpoint of the symphony orchestra.

c. A construction company agrees to build a bridge for $4 million. It receives a down payment of $500,000 on signing the contract; it is entitled to the remainder when it completes the bridge.

d. A firm issues, for $180,000. additional common slock with a par value of

$100,000.

e. A firm receives a 60-day, 10 percent loan of $.^0,000 from a local bank.

f. A tirm signs a contract to purchase at least $10.()()() worth of merchandise during the next year.

g. Refer to part

f. The firm places an order for $2,500 of merchandise with the supplier.

h. Refer to part g. The firm receives the merchandise ordered.