I NEED URGENT HELP PLEASE, AND THANK YOU IN ADVANCE!

A company operates a clothing store. In 2019 the company began a loyalty program where the customers would receive 1 point for every $20 spent on clothing. Customers can redeem the points for future purchases. Based on industry averages, approximately 60% of points will be redeemed. In 2019, customers in the loyalty program spent $6 million in purchases. During 2019, customers redeemed 45,000 in loyalty points.

Questions:

1 How is the $6 million allocated between the performance obligations?

2 What is the liability to be reported at the end of 2019?

3 Provide all the journal entries