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#6 (6 points) Antonio's Car Services provides maintenance services for motorized Jehicles. In March 2021, Rick placed an order for a new set of tires
#6 (6 points) Antonio's Car Services provides maintenance services for motorized Jehicles. In March 2021, Rick placed an order for a new set of tires for $350 cash. When a customer purchases goods or services in excess of $300, Antonio's gives the customer a 25% discount coupon for future purchases made in the next three months. Antonio's estimates that approximately 80% of customers utilize the coupon and that on average those customers will purchase goods or services that typically sell for $75. Required: a) How many performance obligations are in Rick's contract? Explain the reasons for our answer. b) Prepare a journal entry to record revenue and deferred revenue for this transaction; oting the value of the coupon is recorded as Deferred Revenue
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