Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $40 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. Required a. How should the transaction price be allocated among the performance obligations Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Product purchases Performance Obligations mysity rewards T Transaction Price as Stated 400 $ 72 472 4 Standalone Selling Price Allocated Transaction Price (rounded) b. Prepare Maximum's journal entry to record the $400 sale to the customer and the cost of that sale where the customer earned 400 loyalty points Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank ro Account Name To recantuta O