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Required information [The following informotion applies to the questions displayed below] Sky Communcations (SKY) usually sells o cell phone for $252 plus 12 months of cellular service for $588. SKY has a special, time.limited offer in which it gives the photie for free and selts the 12 months of cellular service for $480. Each phone costs 5KY$140, which ir accounts for in its perpetust invemtory systemt. On July 1, SKY sells one of the special pockages, delvers the phone, colects the $480 cosh, and storts the cellilar service. 2. What joumal entries would SKY recond on July 1 and July 31 to recognize revenue when (or asf the performanice oblgavion Journal entry worksheet Required information [The following information applies to the questions disployed below] Sicy Communcations (SKY) usually selis a cell phone for $252 plus 12 months of cellular service for $588 SKY has a special, time-limited offer in which it gives the phone for free and telts the 12 manths af celular service lis $480 Each phone costs SKY $140, which it accounts far in its perpetuol inventery system. On July 1, SKY sells one of the special packages, deivens the phose, colliges ne S4e0 cash and quarm the celuler service. Required: 1. For the special offer, how much of the $480 is allocated to the sele of the call phiche equipmest vertus the sale of the cillular service? Required information [The following informotion applies to the questions displayed below] Sky Communcations (SKY) usually sells o cell phone for $252 plus 12 months of cellular service for $588. SKY has a special, time.limited offer in which it gives the photie for free and selts the 12 months of cellular service for $480. Each phone costs 5KY$140, which ir accounts for in its perpetust invemtory systemt. On July 1, SKY sells one of the special pockages, delvers the phone, colects the $480 cosh, and storts the cellilar service. 2. What joumal entries would SKY recond on July 1 and July 31 to recognize revenue when (or asf the performanice oblgavion Journal entry worksheet Required information [The following information applies to the questions disployed below] Sicy Communcations (SKY) usually selis a cell phone for $252 plus 12 months of cellular service for $588 SKY has a special, time-limited offer in which it gives the phone for free and telts the 12 manths af celular service lis $480 Each phone costs SKY $140, which it accounts far in its perpetuol inventery system. On July 1, SKY sells one of the special packages, deivens the phose, colliges ne S4e0 cash and quarm the celuler service. Required: 1. For the special offer, how much of the $480 is allocated to the sele of the call phiche equipmest vertus the sale of the cillular service