Clarks Incorporated, a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $50 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 20% discount coupon fe 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 $200. Required: 1. How many performance obligations are in a contract to buy a pair of SunBoots? 2. Assume Clarks cannot estimate the stand-alone selling price of a pair of SunBoots sold without a coupon. Prepare a journal ent to record revenue for the sale of 1,000 pairs of SunBoots, assuming that Clarks uses the residual method to estimate the stand- alone selling price of SunBoots sold without the discount coupon. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 1,000 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. Show less