QUESTION 7 TPF Ltd enters into a contract with Phony Trump for the purchase of a modem, data connection services and content plan. The price charged for the modem and accomparve Servis $1,800. If purchased separately, the modern would cost $200, the connection services would be 5800 and content plan 51.000. Although the additional services are offered by several competitors. TPF Ltd will provide Phony Trump with a generous rate due to the bundled products and services being supplied. As Phory Trump pays for the plan mediately 1 wly 2020). Tv ceives a free gaming console valued at $500. The phone can be used on the networks of any of TPPStors. The prepaid service will remain active in the earlier of enter the collata betrug used or after 365 days from the date of purchase. The insurance plan will cover phone damage od of 6 months. *Please indicate which question you are answering for each one Required: 1. Identify the number of performance obligations. (4 marks) 2. Determine the amount of the transaction price allocated to each performance obligation and identify when revenue will be recognised (show calculations.). (14 marks) 3. Complete the journal entry on 1 July 2020 and 30 June 2021 (assume the business prepares annual financial statements). (7 marks) For the toolbar, press ALT+F10 (PC or ALT+FN+F10 (Mac). U Paragraph Arial 10pt EE V E E x x X 3 A I. TT XGQ + ROS HE E () IT 35 . @ ES x "Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window ip