Palmers Pool offers annual $200 memberships that entitle members to unlimited use of swimming pool facilities and locker rooms. Each new membership also entitles the member to receive ten 20% off a $5 meal coupons that are redeemable at the Palmers snack bar. Palmers estimates that approximately 80% 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.