Allocating Transaction Price to Performance Obligations and Recording Sales Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a. How should the transaction price be allocated among the performance obligation(s)? Note: Round each allocated transaction price in the table below to the nearest dollar. Transaction Standalone Price Allocated Transaction Price Selling Performance Obligations as stated Price (rounded) Product purchase Loyalty rewards $ 400 $ 400 $ 339 72 0 61 $ 472 $ 0 $ 400 b. Prepare Maximum's journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points. If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). Account Name Dr. Cr. Cash 400 Sales Revenue-Product 0 339 Deferred Revenue-Loyalty Rewards 0 61 To record sale of product. Cost of Goods Sold Inventory 280 0 0 280 To record cost of sale of product. Please answer all parts of the question.