Flay Dubal has a frequent flyer program in which customers receive one point for each mile flown on Flay Dubai Mights. Frequent flyer program members can redeem 80.000 points for a free domestic flight, which on average, would otherwise cost $900. During Year 1. Flay Dubai awarded 4,000,000 points to its customers on flights with total ticket sales of $700,000. Frequent-flyer points expire two years after they are awarded. By the end of Year 1. frequent flyer program members had redeemed 300.000 points for free tickets with a valu of $8,500.. Flay Dubai expects that only 20 percent of points will expire unredeemed, Required: 1. Prepare the needful journal entries to recognize revenue from ticket sales in Year 1. 2. Prepare the needful journal entries to recognize revenue from providing free flights under the awards program