( 70300141 14. A mobile phone company gives customers a free handset when they sign a two-year contract for provision of network services. The handset has a stand-alone price of $100 and the contract is for $20 per month. Prior to IFRS 15, the company would recognize no revenue in relation to the handset and a total of $240 per annum in relation to the contract Under IFRS 15, revenue must be allocated to the handset because delivery of the handset constitutes a performance obligation. This will be calculated as follows Handset Contract-two years Total value $ % 100 17% 480 83% 580 100% As the total receipts are $480, this is the amount which must be allocated to the separate performance obligations. What revenue will be recognized in year 1 and year 2 (rounded to nearest $ QPointo 4802195 Close