Ivanhoe 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 $280,000 (with a cost of $165,200 ) and earn 28,000 points redeemable for future purchases. Ivanhoe expects 23,200 points to be redeemed. Ivanhoe estimates a standalone selling price of $2.50 per point (or $70,000 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, Ivanhoe concludes that the points are a separate performance obligation. (a) Determine the transaction price for the product and the customer loyalty points. Product purchases $ Loyalty points $ Total transaction price $