Adelaide Ltd provides a bundled internet service contract to Brisbane Ltd during the period from 1 July 2020 to 30 June 2021. The bundled service includes initial connection as well as 12 months: ongoing internet access. Brisbane Ltd paid the full bundle fee of $15,000 on 1 July 2020. Adelaide Ltd determines that, if it were to charge a separate fee for each service if sold separately the initial connection fee would be $7 ,000 while the 12 months internet access fee is $13,000.

As per AASB 15, address the following:

(a) Identify the contract. (4 marks, 50-word limit)

(b) Identify the performance obligations. (3 marks, 50-word limit)

(c) Identify the transaction price. (2 marks)

(d) Allocate the transaction price. (4 marks, show workings for amounts calculated)

(e) Provide Journal entries to recognise revenue on 1 July 2020 and 30 June 2021. (7 marks)

As per AASB 15, address the following: (a) Identify the contract. (4 marks, 50-word limit) (b) Identify the performance obligations. (3 marks, 50-word limit) (c) Identify the transaction price. ( 2 marks) (d) Allocate the transaction price. (4 marks, show workings for amounts calculated) e) Provide Journal entries to recognise revenue on 1 July 2020 and 30 June 2021. (7 marks)