Sunland 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 $3.00 discount on any future purchases. On July 2,2023 , customers purchase products for $264,000 cash (with a cost of $150,480 ) and earn 2,640 points redeemable for future purchases. Sunland expects 2,200 points to be redeemed (based on its past experience, which is predictive of the amount of consideration to which it will be entitled). Sunland estimates a stand-alone selling price of $3.00 per point (or $6,600 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, Sunland concludes that the points are a separate performance obligation. (a) 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