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Clarks incorporated, 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 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise, Clarks anticlpates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $110. Required: 1. How many performance obligations are in a contract to buy a pair of SunBoots? 2. Assume Clarks cannot estimate the stand-alone selling price of a pair of SunBoots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,500 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. Atsume Clarks cannot estimute the stand-alone selling price of a pair of Sunloots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,500 pairs of Suniloots, assuming that Clarks uses the reciduat method to estimate the stand-alone seliling price of Sunbosts sold witheut the discount coupon. proth! If no entry is required for a transaction/event, shiect "No journal entry required" in the first account fied. Sherey less a