Asset and liability recognition and valuation. The San Francisco Giants sign Barry Bonds to a five-year contract beginning next year. The contract calls for payments of $50 million each year for next five years, beginning next year. Assume that these payments have a present value of $200 million. The contract also provides that the San Francisco Giants give Barry Bonds an Italian sports car valued at $250,000 at the time of signing the contract. Indicate the treatment of this contract at the time of signing.