Assume that Eavesdrop Co competes with Verizon for customers that want to contract for telephone service for cell phones. Eavesdrop decides to run a special promotion, where a customer can obtain for $80 a month, unlimited data, text messages, and minutes for one year and receive a phone that normally sells for $300. The cell service typically sells for $60 a month.

How much of the transaction price is allocated to the phone? State answer in dollars and round to the nearest cent.