Lawson Inc. is a manufacturer of robotic and automated painting and finishing systems for the automotive industry. As part of its annual internal audit review, you have been requested by the audit committee of Lawson to review selected transactions for compliance with current revenue recognition standards. For the following transaction, review and report the proper recognition of revenue as required. During 2019, Lawson completed the manufacture of a painting solution for Fiat Corp. Lawson submitted a quote as follows: Painting equipment Software License Installation Maintenance Contract (2 years) Testing Services Total quote $1,500,000 400,000 20,000 80,000 260.000 $2,260,000 After a great deal of negotiating, the parties finally agreed to a contract price of $2,147,000 Lawson delivered and installed the system on December 18, 2019. The testing will be provided during the year 2020. Instructions: Complete and answer the following: How many performance obligations are in this transaction? Product Service List Price Purchase Price Revenue Allocation Revenue Recognized in 2019 Recognized in 2020