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A New York City daily newspaper called charges an annual subscription fee of $135. Customers repay their subscriptions and receive 260 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $130 for an annual subscription that also would include a coupon to receive a 40% discount on a one-hour ride through Central Park in a horse-drawn carriage. The list price of a carriage ride $125 per hour. The company estimates that approximately 30% of the coupons will be redeemed.
Required:
Question 1. How much revenue should Manhattan Today recognize upon receipt of the $130 subscription price?
Question 2. How many performance obligations exist in this contract?
Question 3. Prepare the journal entry to recognize sale of 10 new subscriptions, clearly identify the revenue or deferral revenue associated with each performance obligation.
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