IvanhoeCompany follows IFRS and sells consumer-relationship software toMetlockInc. to be used for three years. In addition to providing the software,Ivanhoepromises to provide consulting services over the life of the contract to maintain operability within Hedges' computer system. The total transaction price is $171,000. Based on stand-alone values,Ivanhoeestimates the consulting services have a value of $66,600and the software has a value of $104,400. Upon installation of the software on July 1, 2020,Metlockpays $111,600; the contract balance is due on December 31, 2020.

a) Identify the performance obligations and the revenue in 2020, assuming the performance obligations are interdependent.

b)Identify the revenue in 2020, assuming the performance obligations are not interdependent.