Question 1 Contracts and Performance Obligations ABC is a motor vehicle dealer, with several customers X traded in her existing vehicle for a new car, paying the difference in value in cash. . Y purchased a motorcycle, delivering an identical vehicle in exchange. He also owns a vehicle dealership. Z paid for a new car and also chose several additional products for which he paid extra. These included tinted windows, a three-year warranty and free servicing valued at $2000. The servicing option can be used for any vehicles over two-year period. Required Explain whether ABC has contracts with X and Y. b Identify the performance obligation(s) with respect to Customer Z. For each performance obligation, explain whether the related revenue should be recognised at a point in time or over time