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U Exercise 6-8 (Algo) Performance obligations; customer option for additional goods or services (106-4, 6- 5) 17 points BOOK ht On May 1, 2021, Meta Computer Inc, enters into a contract to sell 4,500 units of Comfort Office Keyboard to one of its clients, Bionics, Inc at a fixed price of $75.600 to be settled by a cash payment on May 1 Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionles for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience Mefa Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $54,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $18.80 per unit Required: 1. How many performance obligations are in this contract 2. Prepare the journal entry that Meta would record on May 1, 2021 3. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option to Bionics instead of 25%, in this case what journal entry would Meta record on May 1 2021? Complete this question by entering your answers in the tabs below. Required Required 2 Required How many performance obligations are in this contract

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