3] For each of the five steps in the process, analyze in detail and support your conclusion for your client's situation by citing the proper Codication reference as follows ASC {XXX}-{YY)-[ZZJ-[PP]. Specically, include: a. Step Due Is there a contract? I Yes, there will be a contract. b. Step Tteo- Identify the performance obligations. I MM will create a TV commercial, build an app, and build a Facebook page for Stone. I Stone is required to pay MM for performance completed to date if Stone cancels the contract 1with MM for reasons other than MM's failure to perform under the contract as promised. c. Step Three-Determine the transaction price. I The total cost is $1.5M. Payment and probability of one- time bonus of $250K. d. Step Four-Allocate the transaction price to the performance obligations. I The total cost is $1.5M. Payment terms are 50 percent consideration due at contract signing, with the remaining 5i] percent due over the rest of the development period [25 percent at mid-point, 25 percent at completion). I If the app is downloaded 500K times or more in the first month, there is a one-time bonus of SZSHK payable to MM