Brief Exercise 6-11 (Static) Performance obligations; construction [LO6-5] Precision Equipment, Incorporated, specializes in designing and installing customized manufacturing equipment. On February 1, 2024, it signs a contract to design a fully automated wristwatch assembly line for $2 million, which will be settled in cash upon completion of construction. Precision Equipment will install the equipment on the client's property, furnish it with a customized software package that is integral to operations, and provide consulting services that integrate the equipment with Precision's other assembly lines. How many performance obligations exist in this contract? Identify the best description of each performance obligation from the following list. Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. Integrated and customized assembly line Equipment ? Customized software