How to do this

6 Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "Sun- rmance Boots" 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 cou- pon, and that on average those customers will purchase additional goods that normally sell for $100. ations; mer option ditional or services Required: -2, LO6-4, -5 1. How many performance obligations are in a contract to buy a pair of SunBoots? 2. 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. tri