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 $212 plus 12 months of cellular service for $848. SKY has a special , time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $690. Each phone costs SKY $250, which it accounts for in its perpetual Inventory system. On July 1, SKY sells one of the special packages, delivers the phone collects the $690 cash, and starts the cellular service. Hool Print a PB6-4 (Algo) Part 1 prences Required: 1. For the special offer, how much of the $690 relates to the sale of the cell phone versus the sale of the cellular service? Allocated Transaction Price Equipment Service