Jupiter Inc. has a customer loyalty program that rewards a customer with 2 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On May 1, 2020, customers purchase products for $300,000 (with a cost of $218,000) and earn 60,000 points redeemable for future purchases. Jupiter expects 45,000 points to be redeemed. Jupiter estimates a standalone selling price of $0.80 per point (or $48,000 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, Jupiter concludes that the points are a separate performance Determine the transaction price for the product and the customer loyalty points 2 3 4 5 6 Prepare the journal entries to record the sale of the product and related points on May 1, 2020 7 8 19 20 B 21 22 Date 23 24 25 26 Account Debit Credit 27 28 29 30 31 32 C 33 34 35 36 37 redeemed. Jupiter continues to expect 45,000 loyalty points to be redeemed in total. Determine the amount of loyalty point revenue to be recognized at May 31, 2020