Clarks Incorporated, a shoe retailer, sells boots in different styles. In early November, the company starts selling $$SunBoots$$ to customers for $$70$ per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a $30\%$ discount coupon for any additional future purchases made in the next $30$ days. Customers can$$t obtain the discount coupon otherwise. Clarks anticipates that approximately $20\%$ of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $$100.$

Required:

How many performance obligations are in a contract to buy a pair of SunBoots?

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.