Flounder Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2017, customers purchase products for $220,000 (with a cost of $132,000) and earn 22,000 points redeemable for future purchases. Flounder expects 17,300 points to be redeemed. Flounder estimates a standalone selling price of $2.50 per point (or $55,000 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, Flounder concludes that the points are a separate performance obligation.

At the end of the first reporting period (July 31, 2017), 6,920 loyalty points are redeemed. Flounder continues to expect 17,300 loyalty points to be redeemed in total. Determine the amount of loyalty point revenue to be recognized at July 31, 2017.