Armor Incorporated, a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $70 per pair. When a customer purchases a pair of SunBoots, Armor also gives the customer a 20% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Armor anticipates that approximately 10% of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $300. Required: 1. How many performance obligations are in a contract to buy a pair of SunBoots? 2. Assume Armor cannot estimate the stand-alone selling price of a pair of SunBoots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,200 pairs of SunBoots, assuming that Armor uses the residual method to estimate the standalone selling price of SunBoots sold without the discount coupon. Complete this question by entering your answers in the tabs below. How many performance obligations are in a contract to buy a pair of SunBoots? Complete this question by entering your answers in the tabs below. Assume Clarks cannot estimate the stand-alone selling price of a pair of SunBoots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,200 pairs of SunBoots, assuming that Clarks uses the residual method to estimate the stand-alone selling price of SunBoots sold without the discount coupon. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the revenue for the sale of 1,200 pairs of SunBoots. Note: Enter debits before credits