A New York City daily newspaper called $$Manhattan Today$$ charges

an annual subscription fee of $$594.$ Customers prepay their

subscriptions and receive $290$ issues over the year. To attract more

subscribers, the company offered new subscribers the ability to pay

$$560$ 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 $$550$ 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 $$560$ 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.B