A New York City dally newspaper called "Manhattan Today" charges an annual subscription fee of $540. Customers prepay their subscriptions and recelve 270 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $510 for an annual subscription that also would Include a coupon to recelve a 40% discount on a one-hour ride through Central Park in a horse-drawn carrlage. The list price of a carrlage ride is $500 per hour. The company estimates that approximately 30% of the coupons will be redeemed. Requlred: 1. How much revenue should Manhattan Today recognize upon recelpt of the $510 subscription price? 2. How many performance obligations exist in this contract? 3. Prepare the journal entry to recognize sale of 15 new subscriptions, clearly identlfying the revenue or deferred revenue associated with each performance obligation. Complete this question by entering your answers in the tabs below. 1. How much revenue should Manhattan Today recognize upon receipt of the $510 subscription price? 2. How many performance obligations exist in this contract? A New York City dally newspaper called "Manhattan Today" charges an annual subscription fee of $540. Customers prepay thelr subscriptions and recelve 270 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $510 for an annual subscription that also would Include a coupon to recelve a 40% discount on a one-hour ride through Central Park in a horse-drawn carrlage. The list price of a carrlage ride is $500 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 $510 subscription price? 2. How many performance obligations exist in this contract? 3. Prepare the journal entry to recognize sale of 15 new subscriptions, clearly identifying the revenue or deferred revenue assoclated with each performance obligation. Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize sale of 15 new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obligation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)