Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $60 per pair. When a customer purchases a pair of SunBoots, Clarks 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. Clarks anticipates that approximately 10% of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $150. Required: 1. How many performance obligations are in a contract to buy a pair of SunBoots? 2. Assume Clarks cannot estimate the standalone selling price of a pair of SunBoots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,600 pairs of SunBoots. 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? Clarks Inc., a shoe retaller, sells boots in dlfferent styles. In early November the company starts selling "SunBoots" to customers for $60 per pair. When a customer purchases a pair of SunBoots, Clarks also glves 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. Clarks anticipates that approximately 10% of customers will utilize the coupon, and that on average those customers will purchase addltional goods that normally sell for $150. Requlred: 1. How many performance obligations are in a contract to buy a pair of SunBoots? 2. Assume Clarks cannot estimate the standalone selling price of a palr of SunBoots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,600 palrs of SunBoots. Complete this question by entering your answers in the tabs below. Assume Clarks cannot estimate the standalone selling price of a pair of SunBoots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,600 pairs of SunBoots. (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 1,600 pairs of SunBoots. Note: Enter debits before credits