Modern Media (MM) is a leading marketing company that offers the following services: For a package price of $140,000, MM will design a website, develop a software app, and create a magazine ad. If sold separately, MM charges $100,000 to design a website, $40,000 to develop a software app, and $20,000 to create a magazine ad. MM has concluded that the three aforementioned items are distinct and represent separate performance obligations. On August 1, 20X1, MM enters into a contract with Bricktown Corp. to create a website, develop a software app, and create a magazine ad for a total consideration of $140,000. As part of the agreement, MM is entitled to receive a performance bonus if Bricktown's new website generates a lot of web traffic. Specifically, if during the first month after launch the website sees between 100,000-200,000 page views, MM will receive a $12,000 bonus; if the website sees between 200,000-300,000 views, MM will receive a $18,000 bonus; and if the website sees over 300,000 views, MM will receive a $32,000 bonus. Based on existing knowledge of Bricktown's customer base, and after reviewing web analytics of peer companies, MM assigns the following probabilities to Bricktown's web traffic during the first month: Probability of between 100,000-200,000 views: 40% Probability of between 200,000-300,000 views: 10% Probability of over 300,000 views: 5% The potential bonus relates only to the website design and not to the other performance obligations. No significant reversal of revenue is anticipated.

What is the applicable transaction price, and how should that transaction price be allocated to the individual performance obligations?