On June 1, 2020, Mayfield Inc. (MI) signs a contract to sell an industrial bakery oven to Bieber Co. (BC) Title to the oven will pass when the oven is delivered to BC on July 1, 2020. The contracted sale price of the oven is $100,000, which is to be paid in full by BC to MI on July 1, 2020. As part of the contract, MI offers a 20% discount coupon to Bl for any parts purchases made in the next 90 days. MI will continue to offer a standard 5% discount on all parts sales during the next 90 day to all of its customers. Based on historical experience, MI estimates a 75% probability that BC will redeem the 20% discount coupon, and that the coupon will be applied to $20,000 of purchases by BC. The stand alone selling price for the oven being sold to BC is $98,000. 1 How many performance obligations are in this contract and what are they? 2 What is the transaction price in the contract? How much of the transaction price is allocated to each 3 performance obligation? 4 Assuming that delivery of the machine by MI to BC and payment by BC to Ml both occur on July 1, what is the journal entry that would be recorded by MI on July 1? IGNORE THE COST OF SALES ENTRY