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Question - Allocation of Transaction Price
A hotel advertised a package deal for $210 per night. The package includes a hotel room and breakfast for two. The hotel room is normally sold separately for $160 and each breakfast costs $40 if purchased at the hotel. Mr and Mrs Tourist booked this package for 1 night.
Required -
a. Calculate the transaction price for this contract.
b. Allocate the transaction price to the performance obligation(s).
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