Warehousing Corp. owns a large warehouse that can be subdivided into numerous subsections by inserting removable wall. It leases out different portions of storage space to its customers based on their needs.

Manufacturing Corp. contracts with Warehousing Corp. to reserve 1,000 square feet of space to store excess inventory for a three-year period. The contract specifies that Manufacturing Corp.s inventory will be stored in an identified location in the warehouse. However, Warehousing Corp. has the right to shift Manufacturing Corp.s inventory to another location within its warehouse at its discretion, subject to the requirement to provide 1,000 square feet for the three-year period.

Warehousing Corp. frequently reorganizes its space to meet the needs of new contracts. The cost of relocating is low compared to the benefits of being able to accommodate as many customers as possible in the warehouse.

Does the contract explicitly or implicitly identify an asset to be used to fulfill the contract?