URGENT HELP PLEASE!!!!
Help Saved Proctoring Enabled: Test 2 The Rink offers annual $350 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Each new 16 membership also entitles the member to receive ton "30% off a $5 meal" coupons that are redeemable at the Rink's snack bar. The Rink estimates that approximately 80% of the coupons will be redeemed, and that, if the coupons weren't redeemed, $5 meals still would be discounted by 5% because of ongoing promotions. Required: Calculate how much of the transaction price should be allocated to each performance obligation in the contract. (Round your answer to 2 decimal places.) Transaction price Meal co-skating facilities and locker rooms Scanned with CamScanner toring Enabled: Test 2 Saved Cordova, Inc., reported the following receivables in its December 31, 2020, year-end balance sheet: 7 Current assets: Accounts receivable, net of $53,000 in allowance for uncollectible accounts $385,000 Interest receivable 19,700 Notes receivable 420,000 Additional information: 01:16:26 . The notes receivable account consists of two notes, a $110,000 note and a $310,000 note. The $110,000 note is dated October 2020, with principal and interest payable on October 31, 2021. The $310,000 note is dated March 31, 2020, with principal and 8% interest payable on March 31, 2021. 2. During 2021, sales revenue totaled $2,130,000, $1,990,000 cash was collected from customers, and $42,000 in accounts Book receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 9% of year-end gross accounts receivable. Required: 1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Cordova's 2021 income statement? 2. Calculate the receivables turnover ratio for 2021. (Round your answer to 2 decimal places.)