(e) Prepare the journal entries fof ull u How much additional sales revenue is recognized by Hale in 2018, assuhg (Customer Loyalty Program) Martz Inc. has a customer loyalty program that rewards a customer with 1 cus- nt on any future purchases. On July 2 P18-7 ozer loyalty point for every s10 of purchases. Each point is redeemable for a $3 discou Martcustomers purchase products for $300000 (with a cost of $171,000) and earn 30,000 points redeemable for future purchases 2017 d expect 25,000 points to be redeemed. Martz estimates a standalone selling price of $2.50 per point (or $75,000 total) on the basis of the likelihood of redemption. The points provide a material right to customers that they would not receive without entering into a contract. As a result, Martz concludes that the points are a separate performance obligation. Instructions (a) Determine the transaction price for the product and the customer loyalty points (b) Prepare the journal entries to record the sale of the product and related points on July 2, 2017 to At the end of the first reporting period Quly 31, 2017), 10,000 loyalty po ints are redeemed. Martz continues to expect 25,000 loyalty points to be redeemed in total. Determine the amount of loyalty point revenue to be recognized at July 31, 2017