XYZ Co. owns and operates aquatics clubs for dogs. XYZ Co. enters into contracts with customers for one year of access to its canine aquatics club for $250. Additionally, R&H Co. charges an initial, non-refundable registration fee of $50 for the initial activities of registering a new customer. Which statement is true?

a. The contract with the customer includes one performance obligation to provide access to the aquatics club for a year.

b. The contract with the customer includes two performance obligations to provide the annual membership and access to the pool for a year.

c. The contract with the customer includes a performance obligation to provide an annual membership to the aquatics club and a material right to provide access to the pool for a year.

d. The contract with the customer includes two performance obligations to provide the initial registration activities and access to the aquatics club for a year.