Palm Inventors sells two of its patents in a contract with a retailer that sells toys and other children's products. The first is a patent for a super absorbent diaper and the second is a patent for a new digital toy. Palm determines that each of these patents comprises a separate performance obligation. The estimated standalone selling prices are $ 8 million for the diaper patent and $ 3 million for the digital toy patent. The stated price in the contract for the diaper patent is a fixed payment of $ 3.2 million. The price stated for the digital toy patent is 5 % of the customer's future sales of the toys. Palm estimates the variable consideration for this patent as $ 3.2 million. During the current year, the customer has sales related to the toy patent of $ 80.0 million, resulting in a $ 4 million payment to Palm Inventors and a total consideration of $ 7.2 million. What amount of the transaction price should Palm allocate to each performance obligation?

Patent/standalone selling price/ % standalone selling price to total price/ Allocations of fixed considerations/ Allocations of current year variable consideration/ total consideration