NEED HELP WITH MCQ3! (SHOW WORKINGS on how to get $29 750 for the amount of the transaction price allocated to the boat)

Question 1 (please answer on the MCQ answer sheet provided) (25 questions 2 = 50 marks) Questions MCQ1 to MCQ8 relate to the following information Based on the new standard, AASB 15 (Revenue from Contracts with Customers), please answer the following question: Sandy Sails Ltd (SS) sells boats for $35000 each and can provide mooring facilities for its customers at a price of $6500 per year. Sandy Sails Ltd sells these items either separately or as packages. Sandy Sails Ltd enters into a contract on 17 June 2018 to sell a boat and one year of mooring services to Captain Cook (CC) for a total price of $35275, paid when the contract is signed. The cost to Sandy Sails of buying the boat on 1 June 2018 was $20000. Legal title to the boat passes on receipt of the cash payment and the mooring services begin on the same date. You may ignore the time value of money. NB Please use 2 decimal places for percentages e.g 75.23%, do NOT use 75%. Note: due to rounding your answer is allowed to be within $2 of the chosen solution. MCQ1) The performance obligation(s) in the contract between SS and CC is/are: a) To provide a boat on 17 June 2018. b) To provide one year of mooring services from 17 June 2018. c) To provide both a and b above. d) None of the answers are correct. MCQ2) The estimated transaction price in the contract between SS and CC is: a) $35275 b) $35000 c) $35000+$275 d) None of the answers are correct. MCQ3) The amount of the transaction price allocated to the boat is: a) $35000 b) $29750 c) $20000 d) None of the answers are correct. MCQ4) The amount of the transaction price allocated to the mooring services is: a) $6500 b) $6500+$275 c) $5525 d) None of the answers are correct. MCQ5) The journal entry in SS on 1 June 2018 is: a) Dr Inventory $20000 Cr Bank $20000 b) Dr Bank $20000 Cr Inventory \$20000 c) Dr Sales $20000 Cr Bank $20000 d) Dr Bank $20000 Cr Sales $20000