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Allocating Transaction Price to Performance Obligations and Recording Sales Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Note: If

Allocating Transaction Price to Performance Obligations and Recording Sales
Note: Carry all decimals in calculations; round the final answer to the nearest dollar.
Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero).
a. How should the transaction price be allocated among the performance obligation(s)?
\table[[\table[[Performance],[Obligations]],Transaction Price as Stated,Standalone Selling Price Allocated Transaction Price (rounded),,],[Software,$,0,0,0],[Customer support,0,0,0,],[,$,0,0$,0]]
b. Prepare Software Supplier's journal entry to record sale of software to the customer and the entry for the first monthly payment.
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