Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of $120,000 on March 15, 2014. Estimated standalone fair values of the equipment, installation, and training are $75,000, $50,000, and $25,000 respectively. The transaction price allocated to equipment, installation and training is

$40,000, $40,000, $40,000 respectively.

$120,000 for the entire bundle.

$60,000, $40,000 and $20,000 respectively.

$75,000, $50,000, $25,000 respectively.