A New York City daily newspaper called Manhattan Today charges an annual subscription fee of $$216.$ Customers prepay their

subscriptions and receive $200$ issues over the year. To attract more subscribers, the company offered new subscribers the ability to

pay $$210$ 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 $$200$ per hour. The company estimates that approximately $30\%$ of

the coupons will be redeemed.

Required:

How much revenue should Manhattan Today recognize upon receipt of the $$210$ subscription price?

How many performance obligations exist in this contract?

Prepare the journal entry to recognize sale of $14$ new subscriptions, clearly identifying the revenue or deferred revenue

associated with each performance obligation.

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Prepare the journal entry to recognize sale of $14$ new subscriptions, clearly identifying the revenue or deferred revenue

associated with each performance obligation.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.