Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? The Rink offers annual $400 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Each newmembership also entitles the member to receive ten "35% off a $5 meal" coupons that are redeemable at the Rink's snack bar. TheRink estimates that approximately 80% of the coupons will be redeemed, and that, if the coupons weren't redeemed, $5 meals stillwould 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.Note: Do not round intermediate calculations. Round your answer to 2 decimal places.Transaction priceMealIce-skating facilities and locker rooms AgriFoods, Incorporated prepares and deliversagricultural products to industrial-scale kitchensand food service providers. One of its keycustomers is Home Kitchen & Company, whichprovides cafeteria solutions for corporations anduniversities. On January 1, 2024, AgriFoodsobtained a one-year contract to supply a pre-specified amount of vegetables to Home Kitchen,and received $600,000 in cash. Then, on March15, AgriFoods hired Home to run one of itsemployee cafeterias for a period of six months,from April to September, and paid $70,000 incash. For similar arrangements, Home usuallycharged $50,000.Required:(a) Prepare the journal entries AgriFoods wouldrecord on January 1, 2024 and January 31, 2024with respect to the sales contract. Assumerevenue is accrued on a monthly basis.(b) Prepare the journal entry to account forAgriFoods' purchase of Home's services.

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The Rink offers annual $400 memberships that entitle members to unlimited use of ice-skating facilities and locker rooms. Em membership also entitles the member to receive ten "35% off a $5 meal" coupons that are redeemable at the Rink's snack b Rink estimates that approximately 80% of the coupons will be redeemed, and that, if the coupons weren't redeemed, $5 mee 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. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Transaction price Meal Ice-skating facilities and locker rooms