Modest Mobil sells a phone package that consists of a cell phone and one year of "free" cell service with unlimited local calling, texts and data. The package sells for three years of $45 monthly payments. The payments are due at the end of each month and are blended to include and an annual rate of 12% interest a. Identify what is being "sold" or briefly discuss the separate performance obligations Modest should be considering when recognizing revenue on the sale of phone packages. (One sentence or point form) b. Determine the total transaction price. Please show your calculations or calculator inputs. C. A phone package was sold on October 1 (with the first payment on October 31), prepare all of the journal entries that should be recorded on this day. Assume that the phone (which cost Modest, $300) could be sold separately for $500 and the cell service for $1,200 di Modest has not accounted for payments that prove to be uncollectable in the figures provided above. The company's previous history indicates that 1% of customers default in the first year: 295 in the second yeat and 5% in the final year. 1) in keeping with IFRS/ASPE how do you suggest Modest accounts for the defaults. Assume that sales were 51,000,000. (For simplicity assume that all of these sales have taken Modest Mobil sells a phone package that consists of a cell phone and one year of "free" cell service with unlimited local calling, texts and data. The package sells for three years of $45 monthly payments. The payments are due at the end of each month and are blended to include and an annual rate of 12% interest a. Identify what is being "sold" or briefly discuss the separate performance obligations Modest should be considering when recognizing revenue on the sale of phone packages. (One sentence or point form) b. Determine the total transaction price. Please show your calculations or calculator inputs. C. A phone package was sold on October 1 (with the first payment on October 31), prepare all of the journal entries that should be recorded on this day. Assume that the phone (which cost Modest, $300) could be sold separately for $500 and the cell service for $1,200 di Modest has not accounted for payments that prove to be uncollectable in the figures provided above. The company's previous history indicates that 1% of customers default in the first year: 295 in the second yeat and 5% in the final year. 1) in keeping with IFRS/ASPE how do you suggest Modest accounts for the defaults. Assume that sales were 51,000,000. (For simplicity assume that all of these sales have taken