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Problem 2-19 (IFRS) James Company operates a customer loyalty program. The entity grants program members loyalty points when they spend a specified amount on purchases. Program members can redeem the points for further purchases. The points have no expiry date. During 2011, the entity granted 80,000 points. Management expects that 90% of these points will be redeemed. The fair value of each loyalty point is estimated at P20. The sales during 2011 amounted to P9,000,000 including the loyalty points. On December 31, 2011, 28,800 points have been redeemed in exchange for purchases. In 2012, the management revised its expectations and now expects 85% of the points to be redeemed altogether. During 2012, the entity redeemed 12,000 points. What is the revenue earned from loyalty points for the year ended December 31, 2012? a. 640,000 b. 960,000 c. 320,000 d. 240,000 Problem 2-20 (IFRS) Jeane Company participates in a customer loyalty program operated by an airline. The entity grants program members one air travel point for every P1,000 spent on goods purchased. Program members can redeem the points for travel with the airline subject to availability. Jeane Company pays the airline P100 for each point. During 2011, Jeane Company sold. goods for consideration totaling P8,000,000 and granted 8,000 points. The fair value of a point is P120. 1. If the entity has collected the consideration allocated to the points on its own account as principal, what is the revenue to be recognized in 2011 in relation to the points? a. 960,000 b. 800,000 C. 160,000 d. 0 69