eparate performance obligations for this contract
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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: Great Adventures Amusement Park is offering an incentive promotion for customers. The promotion is called “October Halloween” and is priced at $80. Included in the promotion is entrance to the amusement park, parking and a t-shirt. The three items (entrance to the amusement park, parking, and t-shirt) are also sold separately by Great Adventures Amusement Park.
The stand-alone selling prices of entrance to the amusement park, parking, and t-shirt are $60, $30, and $10, respectively.
- Identify the separate performance obligations for this contract.
- Allocate the $80 transaction price to the performance obligations.
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