7. For contracts that include more than one separate performance obligation: A) Revenue recorded over time at the fair value of each performance obligation. B) Revenue recognized the amount of the contract price on the date the last separate performance obligation is satisfied. C) The contract price allocated to each performance obligation in proportion to the obligations' stand-alone selling prices. D) Revenue recognized for price on the date the contract signed. 5, 2018, Ortiz & Co. signed a contract to provide EverFresh Bakery with an ingredient-weighing system for a price of $90,000. The system included finely tuned scales that fit into EverFresh's automated assembly line, Ortiz's proprietary software modified to allow the weighing system to function in EverFresh's autoated system, and a one-year contract to calibrate the equipment and software on an as-needed basis. (Ortiz competes with other vendors who offer ongoing calibration contracts for Ortiz's systems.) If Ortiz were to provide these goods or services separately, it would charge $60,000 for the scales, $10,000 for the software, and $30,000 for the calibration contract. Ortiz delivered and installed the equipment and software on August 1,2018, and the calibration service commenced on that date. How many performance obligations exist in this contract? A) 0 B) 1 C) 2 D) 3