IFRS 15( Five-Step revenue recognition process) : Identify performance obligations & allocate price (steps 2-4)

21. Identify performance obligations & allocate price (steps 2-4) MediTech AG enters into a contract with Hospital Fullcare for the sale of a medical imaging device and related post-contract support services for 120,000. Fullcare paid 120,000 upon signing the contract. The related post-contract support services include: 12 months of free maintenance service. 14 days of training. MediTech AG sells the medical imaging device and related post-contract support services sep- arately on a regular basis. The stand-alone selling prices are as follows: Medical imaging device: 110,000 12 months of maintenance service: 25,000 14 days of training: 15,000 The medical imaging device remains functional without the maintenance service and the train- ing. The maintenance service can be provided by other entities. The cost to MediTech AG of the medical imaging device is 55,000. a) How many performance obligations can you identify? b) How do you allocate the contract's total transaction price to the identified performance obligations