Chopine Mobil sells a phone package that consists of a "free" cell phone and one...
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Chopine Mobil sells a phone package that consists of a "free" cell phone and one year of cell service with unlimited local calling, texts and data. The package sells for one year of $95 monthly payments. The payments are due at the end of each month and are blended to include an annual rate of 12% interest a. Identify the separate performance obligations Chopine should be considering when recognizing revenue on the sale of phone packages. (One sentence or point form) b. Determine the total transaction price. Please show your calculations or calculator inputs CA phone package was sold on October 1 (with the first payment on October 31). Prepare all of the journal entries that should be recorded on October 31. Assume that the phone (which cost Chopine, $200) could be sold separately for $400 and the cell service for $1,200
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