Statement 1. A contract is a promise to transfer to the customer either a good or service that is distinct or a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.

Statement 2. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

a.Only statement 1 is true

b. Only statement 2 is true

c. Both statements are true

d. Both statements are false