Victor is employed by Appliance Company. All full-time employees are allowed to purchase appliances at the company's cost plus 10%. The employees are also given, at no cost, a one-year service contact on all the goods purchased from the Company. Victor purchased a refrigerator for $500. The Company's normal selling price for the refrigerator is $800. Victor also received a service contract at no charge that had a value of $150. During the year, Victor was required to have his refrigerator serviced once. The cost of the call would have been $75 if he had not had the service contract. Is Victor required to recognize any income from the purchase of the refrigerator, the receipt of the service contract, and the service call