Best Burritos Inc., a restaurant chain, sponsors a new customer loyalty program. For every purchase, the customer swipes their reward card that tracks their spending at the restaurant Every cumulative $50 spent earns the customer a free menu item. It is common for customers to track spending using the loyalty card and to accumulate the right to free menu items. For the month of June, Best Burritos Inc. records sales of $150,000 with 70% of the sales registered on loyalty cards. The average value of a food item expected to be redeemed by a customer, as a free menu item, is $6.50. The average redemption rate is estimated at 60% Required a. Determine the combined transaction price for the product and for the customer loyalty program b. Determine how the transaction price should be allocated among the performance obligation(s) and record the journal entry for the june sales. Ignore the cost of sales entry Note: Round the allocated transaction prices to the nearest whole dollar Performance Obligations Restaurant sales Transaction Price as Stated Standalone Selling Price Allocated Transaction Price (rounded) Loyalty rewards Account Name 05 Dr. Cr. b. Determine how the transaction price should be allocated among the performance obligation(s) and record the journal entry for the pune sales ignore the cost of sales entry Note: Round the allocated trabsaction prices to the nearest whole dollar. Performance Obligations Transaction Price As stated Restaurant sales S Loyalty rewards Account Name 05 Standalone Selling Price Allocated Transaction Price (rounded) Dr. Cr. 05 c. During June, 300 items are redeemed for $1,800. Record the redemption entry for June Account Name To record redemtions Dr. Cr