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151 WCDS POWERED WYWNY QUESTION 7 TPF Ltd enters into a contract with Phony Trump for the purchase of a modem, data connection services and content plan. The price charged for the modem and accompanyinys, services is $1.800. I purchased separately, the modem would cost $200, the connection services would be $800 and content plan 1,000. Although the additional services are offered by several competitors, TPF Ltd will provide Phony Trump with a generous rate due to the bundled products and services being supplied. As Phorvy Trump pays for the plan immediately() July 2020). Te receives a free gaming console valued at $500. The phone can be used on the networks of any of TPFS Competitors. The prepaid service will remain active until the earlier of either the calls/data being used or after 365 days from the date of purchase. The insurance plan will cover phone damage for a period of 6 months. Please indicate which question you are answering for each one Required: 1. Identify the number of performance obligations. (4 marks) 2. Determine the amount of the transaction price allocated to each performance obligation and identify when revenue will be recognised (show calculations). (14 marks) 3. Complete the journal entry on 1 July 2020 and 30 June 2021 (assume the business prepares annual financial statements). (7 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B TV S Paragraph Arial V 10pt E I XQ 5 E x X > T AAC + T9 22 . , BED HER EX H E H O * Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window hp

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