Saved Help Save & Exit Submit Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $70 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 20% 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 10% of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $150. 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 1,300 pairs of SunBoots, assuming that Clarks uses the residual method to estimate the stand-alone selling price of SunBoots sold without the discount coupon. Complete this question by entering your answers in the tabs below. Required 1 Required 2 How many performance obligations are in a contract to buy a pair of SunBoots? Number of performance obligations Required 2 > Saved Required 1 Required 2 Prepare a journal entry to record revenue for the sale of 1,300 pairs of SunBoots, assuming that Clarks uses the residual method to estimate the stand-alone selling price of SunBoots sold without the discount coupon. (If no entry is required for a transaction/event, select "No joumal entry required in the first account field.) View transaction list Journal entry worksheet 1 Record the revenue for the sale of 1,300 pairs of SunBoots. Note: Enter debits before credits Debit Credit Transaction General Journal 1 Record entry Clear entry View general Journal