Required Information PB6-4 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 $330 plus 12 months of cellular service for $770. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $600. Each phone costs SKY $270, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $600 cash, and starts the cellular service. PB6-4 Part 1 Required: 1. For the special offer, how much of the $600 relates to the sale of the cell phone versus the sale of the cellular service? Allocated Transaction Price Equipment Service