Question 4 Windsor Inc. has a customer loyalty program that rewards a customer with one customer loyalty point for every $100 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2020, customers purchase products for $282,000 (with a cost of $160,740) and earn 2,820 points redeemable for future purchases. Windsor expects 2,350 points to be redeemed (based on its past experience, which is predictive of the amount of consideration to which it will be entitled). Windsor estimates a stand-alone selling price of $2.50 per point (or $7,050 total) on the basis of redemption. The points provide a material right to customers that they would not receive without entering into a contract. As a result, Windsor concludes that the points are a separate performance obligation. r answer is correct. Determine the transaction price for the product and the customer loyalty points. (Round percentage allocations to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.) Product Loyalty Points Transaction price 275119 6,881 At the end of the first reporting period (July 31, 2020), 1,000 loyalty points are redeemed. Windsor continues to expect 2,350 loyalty points to be redeemed in total. Determine the amount of loyalty point revenue to be recognized at July 31, 2020. Loyalty point revenue recognized ST 2928| Prepare the journal entries for cash sales on July 31, 2020, assuming the points were applied to cash sales of $70,500 with a cost of $36,660. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts Round the calculation of revenue per point to three decimal places, e.g. 52.750 and final answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 31, 2020 TCash Tunearned Revenue 2928 TSales Revenue (To record sales.) July 31, 2020 Tcost of Goods Sold 36,660 Inventory 36,660 (To record cost of goods sold.)