Exercise 6-6 (Algo) Performance obligations; customer option for additional goods or services; residual method [ LO6.2, 6.4, 6.5, 6.6] Clarks incorporated, a shoe retailer, sells boots in different styles. In early November the company starts selfing "SunBoots" to customers for $80 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 additional goods that normally sell for $110 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 poir of SunBoots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,500 palis of SunBoots, assuming that Clarks uses the residual method to estlimate the stand alone 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 tuy 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 1,500 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 4 Journal entry worksheet Record the revenue for the sale of 1,500 pairs of SunBoots. Notet Einter debits before credits