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 cellutar 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 $480 cash, 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? Allocated Transaction Price Equipment Service