Wyatt Co. has a customer loyalty program that rewards a customer with one customer loyalty point for every P10 of purchases. Each point is redeemable for a P1 discount on any future purchases of the entity's products. During a reporting period, customers purchase products for P100,000 and earn 10,000 points that are redeemable for future purchases. The consideration is fixed and the stand-alone selling price of the purchased products is P100,000. The entity expects 9,500 points to be redeemed. The entity estimates a stand-alone selling price of PO.95 per point on the basis of the likelihood of redemption in accordance with paragraph 342 of PFRS 15. The points provide a material right to customers that they would not receive without entering into a contract. Consequently, the entity concludes that the promise to provide points to the customer is a performance obligation At the end of the first reporting period, 4,500 points have been redeemed and the entity continues to expect 9,500 points to be redeemed in total. At the end of the second reporting period, 8,500 points have been redeemed cumulatively. The entity updates its estimate of the points that will be redeemed and now expects that 9,700 points will be redeemed. At the end of the third reporting period, no further points have been redeemed and the entity concludes that the likelihood that the customers will redeem any of the remaining points is remote. Required: Prepare the journal entries throughout the life of the customer loyalty program. Also present the excerpts in the statement of financial position and statement of profit or loss and other comprehensive income. Wyatt Co. has a customer loyalty program that rewards a customer with one customer loyalty point for every P10 of purchases. Each point is redeemable for a P1 discount on any future purchases of the entity's products. During a reporting period, customers purchase products for P100,000 and earn 10,000 points that are redeemable for future purchases. The consideration is fixed and the stand-alone selling price of the purchased products is P100,000. The entity expects 9,500 points to be redeemed. The entity estimates a stand-alone selling price of PO.95 per point on the basis of the likelihood of redemption in accordance with paragraph 342 of PFRS 15. The points provide a material right to customers that they would not receive without entering into a contract. Consequently, the entity concludes that the promise to provide points to the customer is a performance obligation At the end of the first reporting period, 4,500 points have been redeemed and the entity continues to expect 9,500 points to be redeemed in total. At the end of the second reporting period, 8,500 points have been redeemed cumulatively. The entity updates its estimate of the points that will be redeemed and now expects that 9,700 points will be redeemed. At the end of the third reporting period, no further points have been redeemed and the entity concludes that the likelihood that the customers will redeem any of the remaining points is remote. Required: Prepare the journal entries throughout the life of the customer loyalty program. Also present the excerpts in the statement of financial position and statement of profit or loss and other comprehensive income