Patrick Orbital Sciences has been selling long-haul rockets for a number of years. The normal selling price of the rocket is $167,000. In addition to selling rockets Orbital Sciences has also been selling rocket operational maintenance services. These contracts provide 3 years of worry free ownership as Orbital Sciences has promised to do all repair and maintenance on the rockets. The normal price of the maintenance services contract is a one-time payment of $53,000. On 1/1/17 Elon Musk has decided to order a rocket and service contract from Orbital Services. Because Elon is almost broke Orbital Sciences agree to sell a rocket and service contract bundle for a $180,000 down payment and then 2 additional payments of $45,000. The two payments are to be made on the 12/31/17 and 12/31/18. Patrick determines that interest should be compounded annually and that the appropriate interest rate for this sale is 15% Requirea! 1. How many Performance Obligations are implied in the bundle? Describe the obligatio Two performance obligations - deliver the rocket and provide rocket operational maintenance services for 3 years. 2. How much should be allocated to each of the performance obligations. Calculate PV of Payments Patrick Orbital Sciences has been selling long-haul rockets for a number of years. The normal selling price of the rocket is $167,000. In addition to selling rockets Orbital Sciences has also been selling rocket operational maintenance services. These contracts provide 3 years of worry free ownership as Orbital Sciences has promised to do all repair and maintenance on the rockets. The normal price of the maintenance services contract is a one-time payment of $53,000. On 1/1/17 Elon Musk has decided to order a rocket and service contract from Orbital Services. Because Elon is almost broke Orbital Sciences agree to sell a rocket and service contract bundle for a $180,000 down payment and then 2 additional payments of $45,000. The two payments are to be made on the 12/31/17 and 12/31/18. Patrick determines that interest should be compounded annually and that the appropriate interest rate for this sale is 15% Requirea! 1. How many Performance Obligations are implied in the bundle? Describe the obligatio Two performance obligations - deliver the rocket and provide rocket operational maintenance services for 3 years. 2. How much should be allocated to each of the performance obligations. Calculate PV of Payments