Jim's Gyms offers many services to its members. Required: 1. Assume Jim's offers a deal whereby enrolling in a new membership for $1,000 provides a year of unlimited access to facilities and also entitles the member to receive a voucher redeemable for 30% 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 $1140, and a one-year enrollment in yoga classes sells for an additional $600. Jim estimates that approximately 50% of the vouchers will be redeemed Jim offers a 10% discount on all one- year enrollments in classes as part of its normal promotion strategy, a. & b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have 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 Jim offers a "Fit 80" coupon book with 80 prepaid Visits over the next year. Jim has learned that Fit 80 purchasers make an average of 70 visits before the coupon book expires. A customer purchases a Fit 80 book by paying $600 in advance, and for any additional visits over 80 during the year after the book is purchased, the customer can pay a $10 visitation fee per visit. Jim typically charges $10 to nonmembers who use the facilities for a single day, a.& b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new Fit 80 book. Reg 2A and 2B Req 2c Reg 1A and 1B Req 10 Indicate below whether each item is a separate performance obligation. For each separate performance obligation you hav indicated, allocate a portion of the contract price. Item Description Performance Stand Alone Prices Percentage of Total Obligations? Stand Alone Prices Yoga discount voucher Gym membership Total stand alone price Total Transaction Percentage of Total Stand Alone Price Allocated Contract Price Item Description Price Yoga discount voucher Gym membership Total contract price Reg 1C Reg 1A and 18 Req 1C Reg 2A and 2B Req 2c Prepare the journal entry to recognize revenue for the sale of a new membership. (If no entry is requ "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the revenue for the sale of a new Fit 80 book. Note: Enter debits before credits Debit Credit General Journal Transaction 1 View general Journal Record entry Clear entry