Access the FASB Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access.

Required:

Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items:

1. On what basis is a contracts transaction price allocated to its performance obligations?
2. What are indicators that a promised good or service is separately identifiable from other goods and services promised in the contract?
3. Under what circumstances is an option viewed as a performance obligation?