Part One: Multiple Choices: Select the best answer to each question. (4 points) Question #1: The first step in the process for revenue recognition is to A. determine the transaction price. B. identify the contract with customers. C. allocate transaction price to the separate performance obligations. D. identify the separate performance obligations in the contract. Question #2: The fourth step in the process for revenue recognition is to A. recognize revenue when each performance obligation is satisfied. B. identify the separate performance obligations in the contract. C. allocate transaction price to the separate performance obligations, D. determine the transaction price. Part Two: Problem - Revenue Recognition (26 points) Ocean Pool Company sells prefabricated pools. On March 1, 2020, Ocean Pool Company enters into a non-cancelable contract with International Hotel to sell a prefabricated pool for $138,000. The sales price includes installation and a monthly maintenance for the first year. The prefabricated pool cost $80,000 and has standalone selling price of $120,000. The installation service is valued at $24,000 and is expected to take 3 months to complete. The maintenance service is usually sold at $6,000 per year ($500.00 per month). Ocean Pool Company sells the the installation and the maintenance service separately. The installation and maintenance services could be performed by other entities. The contract requires International Hotel to pay $100,000 when the prefabricated pool is delivered and the balance must be paid when the installation is completed. The prefabricated pool was delivered on April 15, 2020 and the installation was completed on July 15, 2020. The maintenance service started on August 1, 2020. International Hotel made the payments according to the contract. pool, the Required: (show all your calculations) A. Answer each of the following questions. Show and label all calculations. Calculations and answers. Questions 1. How many performance obligations are in the contract of Ocean Pool Company with International Hotel? 2. What are the performance obligations in the contract of Ocean Pool Company with International Hotel? 3. What is the transaction price? 4. Calculate how the transaction price should be allocated to the performance obligations according to the market assessment approach. Show all calculations