QUESTION 2 20 points Save Answer Besla Ltd (a global leader in sustainable energy solutions) enters into a contract to sell and install a battery to Genergy Ltd (a major ASX-listed Australian energy supplier) to support their state-wide solar energy project. The price charged for the battery and accompanying services $800,000. The terms state that Genergy Ltd will pay for the battery immediately (fair value of battery is $500,000). The installation service, which could have been performed by any technician company, will take approximately 3 months to complete (fair value of installation service is $300,000). In addition, Besla Ltd have also agreed to provide Genergy Ltd with 24 months of ongoing technical support (fair value of technical support is $200,000). Although this support service is offered by several competitors, Besla Ltd will provide a generous rate due to the bundled products and services being supplied. Required: 1. Explain whether a contract exists (reference relevant accounting standards in your answer) (3 marks) 2. Identify the number of performance obligations. (4 marks) 3. Discuss the practical implications your answer in (1) above leg.impact on revenue and calculation of revenue). (3 marks) 4. Determine the amount of the transaction price allocated to each performance obligation and identify when revenue will be recognised (show calculations). (10 marks)