Exercise 6-6 (Algo) Performance obligations; customer option for additional goods or services [LO6-2, 6- 4, 6-5) Clarks Inc. a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for S70 per pair When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $100 Required: 1. How many performance obligations are in a contract to buy a pair of SunBoots? 2. Prepare a journal entry to record revenue for the sale of 1.400 pairs of SunBoots, assuming that Clarks uses the residual method to estimate the stand-alone selling price of SunBoots sold without the discount coupon