Laptop Land Limited is in the business of selling laptop computers to various large corporations. On 1 June 2021, Laptop Land sold 100 laptops each to Online Limited and Cloud Limited. Each laptop comes with a standard one-year warranty to replace the laptop in the event of any defects. The specific terms in relation to warranties for each contract are detailed below: Online - Laptop Land has agreed to replace the laptops if they are found to be defective during the standard one-year warranty period. Cloud - Cloud has negotiated for, and purchased, a longer warranty coverage period. Laptop Land has agreed to provide Cloud an additional two-year warranty on top of the standard warranty period. Which of the options below correctly describes the accounting for the identified warranty in each contract at 1 June 2021 for Laptop Land, in accordance with the requirements of IFRS 15 Revenue from Contracts with Customers? Option Contract with Online (One-year standard warranty) Contract with Cloud (Two-year additional warranty) I An assurance-type warranty, with a portion of the transaction price allocated to this performance obligation A service-type warranty, with a provision recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets II A service-type warranty, with a portion of the transaction price allocated to this performance obligation An assurance-type warranty, with a provision recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets = A service-type warranty, with a provision recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets An assurance-type warranty, with a portion of the transaction price allocated to this performance obligation A service-type warranty, with a portion of the transaction price allocated to this performance obligation IV An assurance-type warranty, with a provision recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets A. Option I. B. Option II. C. Option III. D. Option IV