Required information PB6-4 (Algo) Recording Journal Entry after Allocating Transaction Price to Performance Obligations [LO 6-5] [The following information applies to the questions displayed below.] Sky Communcations (SKY) usually sells a cell phone for $252 plus 12 months of cellular service for $588. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $480. Each phone costs SKY \$140, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $480cash, and starts the cellular service. PB6-4 (Algo) Part 1 Required: 1. For the special offer, how much of the $480 relates to the sale of the cell phone versus the sale of the cellular service? 2. What journal entries would SKY record on July 1 and July 31 ? (If no entry is required for a transaction/event, select "No Entry Required" In the first account field.) Journal entry worksheet Notr Enter drbits before credits 2. What journal entries would SKY record on July 1 and July 31? (II no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Journal entry worksheet Note. Enter debuts belore credits