The statement "Promises may be implied by an entity’s customary business practices, published policies or specific statements. These promises are identifiable at contract inception if a valid expectation is created that a good or service will be transferred" is correct.

In the context provided: - The free paddle and coiled ankle leash offered by SUP With Me Inc. as a marketing incentive are still promises in the contract, even though not explicitly stated, as they create a valid expectation for customers who purchase a stand-up paddle board in April. - Trucks & Cars Ltd.'s offer of two years of free servicing in their advertising campaign is also a promise, even if it's not specified in the contract, as it forms part of the customer's valid expectation when buying a car in June. - The administrative tasks that Mobiles Inc. must perform to set up a contract with a new customer are not promises in the contract. These tasks are part of the process but are not goods or services being transferred to the customer and therefore are not promises within the meaning of contract obligations under IFRS 15.

Therefore, the correct answer is that promises may be implied by an entity's customary business practices, published policies, or specific statements, and these promises are identifiable at contract inception if they create a valid expectation for a good or service to be transferred.