Clarks Inc., sells big screen TVs with on-site installation services as a package for $1,200. Additionally, customers purchasing the package receive a coupon that can be used anytime in the next 6 months to receive 50% off a one-year video streaming subscription. If the items are sold separately the cost of the TV is $1,120, the cost of the installation services are $210 and the undiscounted cost for one year of streaming services is $175. 1. Assuming Clark estimates that 80% of the coupons will be used to purchase the streaming services, how much of the $1,200 package is allocated to each of the three performance obligations? (8 points) T Installation Services Coupon 2. On June 1 , Clark sold 5 of the $1,200 packages. Assuming all of the customers paid cash and took the TVs home with them on June 1 and scheduled installation services for later in June, prepare the journal entry Clark will record on June 1. (4 points) Clarks Inc., sells big screen TVs with on-site installation services as a package for $1,200. Additionally, customers purchasing the package receive a coupon that can be used anytime in the next 6 months to receive 50% off a one-year video streaming subscription. If the items are sold separately the cost of the TV is $1,120, the cost of the installation services are $210 and the undiscounted cost for one year of streaming services is $175. 1. Assuming Clark estimates that 80% of the coupons will be used to purchase the streaming services, how much of the $1,200 package is allocated to each of the three performance obligations? (8 points) T Installation Services Coupon 2. On June 1 , Clark sold 5 of the $1,200 packages. Assuming all of the customers paid cash and took the TVs home with them on June 1 and scheduled installation services for later in June, prepare the journal entry Clark will record on June 1. (4 points)