Crazy Computer Store sells a back to school bundle that consists of a laptop computer, printer, and tablet to a customer for $ 2,400. Crazy Computer also sells the products on a stand alone basis for the following amounts: the laptop for $ 1,800, the printer for $ 350, and the tablet for $ 500. The customer receives a $ 250 discount for buying the three products as a bundle. Crazy Computer normally sells the laptop and printer as a package for a price of $ 1,900. The tablet is normally not discounted.
Required:
1. How should the transaction price be allocated among the products?
2. Prepare the journal entry when Crazy sells a back to school bundle for cash.