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3. An entity, a grocery retailer, operates a customer loyalty program. The entity grants program members loyalty points when they spend a specified amount of

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3. An entity, a grocery retailer, operates a customer loyalty program. The entity grants program members loyalty points when they spend a specified amount of groceries. Program member scan redeem the points for further groceries. The points have no expiry date. The sales during 2020 amounted to P9,000,000 based on stand alone selling prices. During 2020, the customers earned 10,000 points. But management expects that 30% or 3,000 of these points will be redeemed. The standalone selling price of each loyalty point is estimated at P100. [in December 31, 2020, 4,000 points haye been redeemed in exchange for groceries. In 2021, the management reyised expectations and now expects that 90% or 9,000 points will be redeemed altogether. During 2021, the entity redeemed 4,100 points. In 2022, a further 900 points are redeemed. Management continues to expect that only 9,000 points will ever be redeemed, meaning, no more points will be redeemed after 2022. a. How much is the revenue to be recognized in 2020, 2021 and 2022, respectiyely

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