Warehouse Co. o The contract term is 10 years. o Logical Logistics can store up to 18,000 shipping pallets at one specified Warehouse Co. location. Logical Logistics will be charged for storage of 18,000 shipping pallets, regardless of the actual number of pallets stored, and Warehouse Co. cannot use any of Logical Logisticss unused storage space for other storage needs. o Warehouse Co. can use the remaining space in its warehouse for other storage needs. o Warehouse Co. cannot relocate Logical Logisticss inventory to another facility. o Logical Logistics has the right to decide which shipping pallets are placed in storage and when they can be removed. o Warehouse Co. provides the loading and unloading services for the warehouse activities, both of which are dependent on Logical Logisticss decisions about which shipping pallets are placed in storage and when they can be removed.

1. Determine whether each of Logical Logisticss vendor contracts contains an identified asset. 2. Determine whether each contract conveys the right to control the use of the identified asset to Logical Logistics.