1. (13 points) A New York City daily newspaper called "Manhattan Today' charges an annual subscription fee of $135. Customers prepay their subscriptions and receive 260 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $130 for an annual subscription that also would include a coupon to receive a 40% discount on a one- hour ride through Central Park in a horse-drawn carriage. The list price of a carriage ride is $125 per hour. The company estimates that approximately 30% of the coupons will be redeemed. Required: a. How much revenue should be recognized on receipt of the $130? b. Prepare the journal entry at the time the $130 was received by 260 subscribers