Beachboys Ltd is marketing a 'surfing bundle' in which for $1,100, it provides customers with a surfboard (which retails for $850), a wetsuit (which retails for $250) and five lessons (which retail separately for $200). You are required to determine: a. Whether separate performance obligations exist, and to explain why you made this judgement. b. How much of the transaction price to allocate to each performance obligation? Please write your answer in the grey text box provided below.