Your Guitar Pty Ltd sells guitar machines and lessons on how to guitar. On 1 March 2020, Your Guitar Pty Ltd signs an agreement with Music Studio to provide 8 guitar lessons and 5 guitar machines. The contract price amounted to $6,160 (GST Inclusive), on credit terms n/30 for the guitar machines and guitar lessons. This amount also includes one free service for the guitar machines to be performed six months after the delivery of the guitar machines to Music Studio.

The stand-alone price for the 8 guitar lessons is $2,860 (GST Inclusive). The guitar lessons will start on 8 March 2020.

The stand-alone price of the guitar equipment is $5,720 (GST Inclusive). The six-month service fee for the guitar machines is usually $660 (GST Inclusive).

Music Studio paid the full amount on 26 March 2020 for the equipment and personal training lessons.

The equipment was delivered on 28 March 2020.

By 31 March 2020, 3 guitar lessons had been held.

Required:

How should Your Guitar Ltd allocate the transaction price to the distinct performance obligations in this contract based on IFRS 15 / AASB 15 Revenue with Contracts from Customers?