Durango Ltd a construction company, has placed an order on 1 June 2020 with Site Dwellings Ltd to purchase a custom-built site office to be located at their new construction site. The custom office is expected to cost $450,000 and a deposit of $100,000 was been paid on 1 June 2020. The site office is expected to be delivered in three months' time and any additional building costs will be advised at this time. On 1 June 2020 Durango Ltd recorded the following accounting entry: Dr Construction site office building $450,000 Cr Bank $100,000 Cr Accounts Payable $350,000 Applying the 2020 Conceptual Framework, does this meet the definition and recognition requirements of an Liability to be recorded in Durango Ltd's account in June 2020? Provide your answer in the table below. Required: Format NB E