A New York City daily newspaper called Manhattan Today charges an annual subscription fee of $$270.$ Customers prepay their subscriptions and receive $280$ issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $$260$ 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 $$250$ 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 $$260$ subscription price?

How many performance obligations exist in this contract?

Prepare the journal entry to recognize sale of $11$ new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obligation.