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1. Skeng Ltd at the beginning of 2015 entered into a 5 year agreement with a customer Otto Williams to exclusively produce three albums for

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1. Skeng Ltd at the beginning of 2015 entered into a 5 year agreement with a customer Otto Williams to exclusively produce three albums for an agreed price of USS150,000. The albums are expected to be completed in 2016, 2019 and 2020. All three albums are treated as separate performance obligations. The stand alone-price to produce the albums are: Album 1 - $45,000 Album 2 - $56,250 Album 3 - \$67,500 A) Calculate the discounted(transaction) price for each of the album. B) Express the total discount received as a percentage of the total stand-alone price

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