Sheridan Inc. has a customer loyalty program that rewards a customer with 1 customer lovalty 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 \\( \\$ 330,000 \\) (with a cost of \\( \\$ 198.000 \\) ) and earn 33,000 points redeemable for future purchases. Sheridan expects 28,500 points to be redeemed. Sheridan estimates a standalone selling price of \\( \\$ 2.50 \\) per point (or \\( \\$ 82,500 \\) 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, Sheridan concludes that the points are a separate performance obligation. Determine the transaction price for the product and the customer loyalty points. Prepare the journal entries to record the sale of the product and related points on July 2, 2025, (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select \"No entry\" for the occount titles and enter 0 for the amounts. List all debit entries before credit entries.) At the end of the first reporting period (July 31,2025\\( ), 11,400 \\) loyalty points are redeemed. Sheridan continues to expect 28.500 loyalty points to be redeemed in total. Determine the amount of loyaity point revenue to be recognized at July \\( 31,2025 \\). Amount of loyalty point revenue \\$ eTextbook and Media List of Accounts