1. Do the loyalty points represent a performance obligation? 2. Assuming the loyalty program is structured such that it gives rise to a material right, what would be an appropriate stand-alone selling price of the loyalty points? 3. What journal entries should the Company record when all 10,000 needles are shipped to Rodgers? August 1, 2019, Transaction On August 1, 2019, Rodgers redeerns 10,000 loyalty points and receives 100 needles. As of August 1, 2019, the Company still believes 95 percent (3?,500 additional) of the loyalty points will be redeemed. Required: 4. What entries should the Company record for 100 needles shipped on August 1, 2019? December 1, 2019, Transaction