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, the amount, and the classification of the liability on the balance sheet as either a current liability or a noncurrent liability.

a. A landscaper agrees to improve land owned by a firm during the next year. The agreed price for the work is $7,500. Consider from the standpoint of the firm owning the land.

b. A magazine publisher receives a check for $72 for a 1-year subscription to a magazine.

The subscription period begins next month. Consider from the standpoint of the publisher.

c. A construction company agrees to build a bridge for $10 million. It receives a down payment of $2 million upon signing the contract; it is entitled to the remainder when it completes the bridge, which is expected to be in three years.

d. A firm issues additional common stock with a par value of $3,000,000 for $7,600,000.

e. A firm receives a 60-day, 6-percent loan of $100,000 from a local bank. Consider from the standpoint of the firm receiving the loan.

f. A firm signs a contract to purchase at least $60,000 of merchandise from a particular supplier during the next year. Consider from the standpoint of the purchaser of the merchandise.

g. Refer to part

f. The firm places an order for $15,000 of merchandise with the supplier.