Required information PB6-4 (Algo) Recording Journal Entry after Allocating Transaction Price to Performance Obligations [LO 65] [The following information applies to the questions displayed below.] Sky Communcations (SKY) usually sells a cell phone for $344 plus 12 months of cellular service for $516. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 month of cellular service for $460. Each phone costs SKY $150, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $460 cash, and starts the cellular service. B6-4 (Algo) Part 1 Required: 1. For the special offer, how much of the $460 relates to the sale of the cell phone versus the sale of the cellular service