Palmers Pool offers annual $150 memberships that entitle members to unlimited use of swimming pool facilities and locker rooms. Each new membership also entitles the member to receive ten 15% off a $10 meal coupons that are redeemable at the Palmers snack bar. Palmers estimates that approximately 70% of the coupons will be redeemed.

Prepare the journal entry to record the sale of a new membership. Clearly identify revenue or deferred revenue associated with each performance obligation.