Which of the following is not a component of five-step framework to the contract-based approach of revenue recognition? Determining the transaction price in the overall contract. Allocating the transaction price evenly through the contract, Identifying the contract with a customer. Identifying the performance obligations in the contract. Current Attempt in Progress Pina Colada enters into a contract with Crane Company to purchase a gas fireplace unit. The sale agreement is for a total price of $2900 and includes delivery of the unit, installation and a two year warranty. Installation successfully occurred on November 1, 2021. Crane Company often sells this gas replace for $2400 and offers installation and warranty services at $400 and $200 respectively. Using the stand-alone fair values what amount would be recorded as revenue on November 1, 2021 under the contract based approach to revenue recognition Round intermediate calculation to 2 decimal places. e. 3.12 and final answer to the nearest whole dollars 3 $2707 $2400 52330 $2900 Attempts Ooflued S A