PROBLEM 2.12Recording of liabilitiesState whether or not each of the following events would result in a liability being recognised in the accounts at30 June.1Taxes for the year ended 30 June, which are not payable until October.2Wages to be paid on 2 July to cover the two-week period up to 30 June.3The company sells washing machines and gives a one-year warranty to repair or replace any faultymachines.4A construction company receives a $10 million advance in June on a contract. The work will commencein July.5The company has signed a contract to pay its managing director $1 million per annum (inflation adjusted)for the next four years.