A New York City daily newspaper called "Manhattan Today" charges an annual subscription fee of $162. Customers prepay their subscriptions and receive 290 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $160 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 $150 per hour. The company estimates that approximately 30% of the coupons will be redeemed.

1. Prepare the journal entry to recognize sale of 12 new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obligation.