Crane Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2025, customers purchase products for $340,000 (with a cost of $197,200) and earn 34,000 points redeemable for future purchases. Crane expects 29,000 points to be redeemed. Crane estimates a standalone selling price of $2.50 per point (or $85,000 total) on the basis of the likelihood of redemption. The points provide a material right to customers that they would not receive without entering into a contract. As a result, Crane concludes that the points are a separate performance obligation.

(a)

Determine the transaction price for the product and the customer loyalty points.

Product purchases		$enter a dollar amount
Loyalty points		$enter a dollar amount
Total transaction price		$enter a dollar amount