Attempt in Progress To increase sales, Grouper Inc., a public company following IFRS, implemented a customer loyalty program that rewards a customer with one loyalty point for every $30 of merchandise purchased. Each point is redeemable for a $2 discount on any purchases of Grouper merchandise in the next three years. After the program launched, during 2020, customers bought merchandise for $312,000 (all products are sold to provide a 30% gross profit) and earned 10,400 points redeemable for future purchases. The stand-alone selling price of the merchandise sold is $312,000. Based on prior experience with incentive programs like this, Grouper expects 7,100 points to be redeemed related to these sales. Prepare the journal entries for cash sales including the issuance of loyalty points for Grouper in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round percentage allocations to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Cash 312000 Unearned Revenue 14200 Sales Revenue 297800 (To record cash sales of products subject to loyalty points) Cost of Goods Sold 218400 Inventory 218400 (To record cost of goods sold)