A large clothing retailer chain, Koll's, offers a sales incentive program where customers receive direct credit toward future purchases based upon the dollar amount of purchases today. For every $50 spent today, the customer will earn a $6 credit to be used at Koll's in two weeks. The credit expires 5 days after it becomes active. Not all customers will redeem the credit in the 5-day window of time. Based upon historical trends, Koll's estimates that 35% of the credits will be redeemed. a. Determine how many performance obligations are included in a sales transaction during the sales incentive program. Two performance obligations b. Assuming that Koll's sold $475,000 of merchandise (cost of $190,000) during the first day of the sales incentive period, record the journal entry(ies) to record sales revenue. Assume all sales were cash sales. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Performance Obligations Merchandise Customer option-merchandise credit Transaction Price Standalone Selling as Stated Price Total Allocated Transaction Price (rounded) $ * $ x $ x x x x $ S x Account Name Debit Credit 0 0x 0 0 x 0 0x To record the sale of merchandise 0 0x 0 0x To record the cost of sale of merchandise c. Record a summary entry to recognize revenue (if any) during the 5-day merchandise credit redemption period, assuming that 35% of the credits are redeemed. Account Name To recognize revenue. Debit Credit 0 0x 0 0 x d. Record a summary entry to recognize revenue (if any) at the conclusion of the 5-day merchandise credit redemption period, assuming that no credits are redeemed. Account Name To receognize revenue. Debit Credit 0 0 x 0 0x