(b ) . During August 2021, Paper&Stuff Ltd held a grand sale. During the period of the sale, if customers purchased two products (for a total of at least $250), the customer could receive one free gift. The customer could choose between two gifts: an engraved bookmark or a reading light. On 12 August 2021, Mr Wright Well purchased for $425 cash the following items from Paper&Stuff Ltd: one leather bound, silk lined diary for $275, and one Montblanc pen for $150. Mr Wright Well also received the engraved bookmark for free. The standalone selling prices are: the leather bound, silk lined diary $275 the Montblanc pen $150. the engraved bookmark $35 Paper&Stuff Ltd commonly sells the leather bound, silk lined diary and engraved bookmark as a bundle for $295. Required: Calculate the amount of the transaction price that would be allocated to each performance obligation. Give reasons for your answer and show all calculations. You need to explain how any discount is to be allocated in this case, and why. All explanations need to be in your own words). (7 marks)