Fit & Slim (F&S) is a health club that offers members various gym services. Required: 1. Assume F&S offers a deal whereby enrolling entitles the member to receive a voucher redeemable for 25% off yoga classes for one year. The yoga classes are offered to gym members as well as to the general public. A new membership normally sells for $720, and a one-year enrollment in yoga classes se for an additional $500, F&S estimates that approximately 40% of the vouchers will be redeemed. F&S offers a 10% discount on all one- year enrollments in classes as part of its normal promotion strategy in a new membership for $700 provides a year of unlimited access to facilities and also 1. a. & b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you h indicated, allocate a portion of the contract price c. Prepare the journal entry to recognize revenue for the sale of a new membership 2 Assume F&S offers a "Fit 50" coupon book with 50 prepaid visits over the next year. F&S has learned that Fit 50 purchasers malk an average of 40 visits before the coupon book expires. A customer purchases a Fit 50 book by paying $500 in advance, and for any additional visits over 50 during the year after the book is purchased, the customer can pay a $15 visitation fee per visit charges $15 to nonmembers who use the facilities for a single day o. & b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you indicated, allocate a portion of the contract price c. Prepare the journal entry to recognize revenue for the sale of a new Fit 50 book Complete this question by entering your answers in the tabs below. Req IA and 18 Req 1C Reg 2A and 28 Req 2C Indicate below whether each item is a separate performance obligation. For each separate performance obligation you indicated, allocate a portion of the contract price. Performance Stand Alone Prices Stand Alone Prices Percentage of Total Item Description Obligations? Yoga discount voucher Gym membership Total stand alone price 0% Percenta age Allocated Contract