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CuttingEdge Construction Company was hired by High Impact School to add a new stadium to their school. The stadium includes a consession stand, new restrooms, new locker rooms, a parking lot and the stadium itself. The contract had 5 phases of construction with each phase being a performance obligation, The transaction price of the product is As each phase involves a sperate part of the stadium, each phase is fully functional at the point of delivery. Each of the phases has standalone value as follows: phase Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Standalone Sales Value 300,000 760,000 560,000 440,000 940,000 The contract price is collected in advance from High Impact School. ph"es 1 and 2 are completed in the current year with Phases 3 and 4 to be completed the following year. Phase 5 will be completed On the 3rd year of construction.