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 subscrbers, 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: 1. How much revenue should Manhattan Today recognize upon receipt of the 5260 subscription price! 2. How many performance obligations exist in this contract? 3. Prepare the journal entry to recognize sale of 11 new subscriptions, clearly identifying the revenue or deferred reversociated with each performance obligation Answer is complete but not entirely corred Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req3 1. How much revenue should Manhattan Today recognize upon receipt of the $260 subscription price 2. How many performance obligation is in this contract Revenue Number of performance obligation 0 20 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg1 and 2 Regal Prepare the journal entry to recognize sale of 11 new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obligation. (If no entry is required for a transaction/event. Slect "No journal entry required in the first account field.) No Transacbon Debit Credit 72.800 3 General Journal Cash Deferred subscriton revenue Deferred revenue - coupons OOO 234003 260