$3.$ Hooper Inc. offers a discount on an extended warranty on its eyePhone when the warranty is purchased at the time the eyePhone is purchased. The warranty normally has a price of $$300,$ but Hooper offers it for $$240$ when purchased along with an eyePhone. Hooper anticipates a $75\%$ chance that a customer will purchase the extended warranty along with the eyePhone. Assume Hooper sells $1,000$ eyePhones with the extended warranty discount offer.

Required:

What is the total stand$-$alone selling price that Hooper would use for the extended warranty discount option for purposes of allocating revenue among the performance obligations in those $1,000$ eyePhone contracts? Prepare journal entry for the sale of $1,000$ eyePhones with the extended warranty discount offer at $$600$ each.