What is the proper solution for this problem?

Subject: Accounting

7. Magnesium Company, a specialty store, operates a customer loyalty program. The entity grants program members loyalty points when they spend amount on merchandise. Program members can redeem the points for the store merchandise. The points have no expiry date. During 2020, the entity granted 40,000 points. Management expects that 30,000 of these points will be redeemed. The stand-alone selling price of each loyalty point is P50. In 2020, Magnesium sold goodsto customers for a total consideration of P8,000,000 based on stand-a lone selling price. On December 31, 2020, 10,000 points have been redeemed in exchange of the store merchandise. In 2021, the management revised its expectations and now expects 35,000 points to be redeemed altogether. During 2021, 8,500 points have been redeemed. What is the revenue earned from loyalty points for the year ended December 31, 2021 ? 8. Rock Company operates a retail grocery store that collects refundable deposits of P5 on soda bottles. Selling price of soda in bottles is P12 (excluding deposit]. The gross profit rate is 30%. The following are the transactions for the month of December 2021: No. of bottles of soda sold 120,000 No. of soda bottles returned ??? The Customers' Deposit account has a beginning balance at December 1, 2021 of P231300. The Campany estimated that 1% of the bottles of the soda sold will no longer be returned. If the estimated liability for deposit at December 31, 2021 is P136300, how many bottles were returned during the year