Joey Co. sells satellite TV Packages. One package is the $600 Basic TV package which includes the hardware component along with a one-year subscription to 150 TV channels. Joey Co. also sells the hardware component without the subscription to the 150 TV for $180 and sells the same one-year subscription to the 150 TV channels without the hardware component for $540 per year. Assuming a customer purchases the $600 Basic TV package on January 1, 2020: 1) Identify the performance obligations in the Basic TV package contract and determine when Revenue should be recognized. 2) With respect to the $600 Basic TV package sold on January 1, 2020, allocate the $600 transaction price to the performance obligation(s) in the contract and prepare a journal entry(s) to record sale. Ignore the Cost of Goods solid entry. 3) Prepare any journal entry needed to record any revenue related to the same contract on March 31, 2020