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) (b) (c) Your answer is incorrect. At the end of the first reporting period (July 31, 2025), 9,280 loyalty points are redeemed. Ivanhoe continues to expect 23,200 loyalty points to be redeemed in total. Determine the amount of loyalty point revenue to be recognized at July 31, 2025. Amount of loyalty point revenue $