PRINTER VERSION BACK NEXT Exercise 6-03 b-c (Part Level Submission To increase sales, Flint Inc, a public company following IFRS, Implemented a customer loyalty program that rewards a customer with one loyalty point for every $20 of merchandise purchased. Each point is redeemable for a $3 discount on any purchases of Flirt merchandise in the next three years. After the program launched, during 2020, customers bought merchandise for $220,000 (all products are sold to provide a 40 gross profit) and earned 11,000 points redeemable for future purchases. The stand-alone selling price of the merchandise sold is $220,000. Based on prior experience with incentive programs this, nempects 7,100 points to be redeemed related to these stes (1) Your answer is partially correct. Try again Prepare the journal entries for cash ales including the issuance of loyalty Bits for inti 2020. (Credit account titles are automatically infected when the amount is entered. Do not indent manually meantry required electo ry for the countries and enter for the amounts. Round percentage allocation to 2 decimal places, 9. 52.75 and final answers to decimal places, eg. 5,275.) Account Titles and Explanation Tcash Uneamed Revenue Sales Revenue To record och sales of products subject to loyalty points) Test of Goods sad 22000 Inventory te record cost of goods sold)