To increase sales, Blue Spruce Inc., a public company following IFRS, implemented a customer loyalty program that rewards a customer with one loyalty point for every $25 of merchandise purchased. Each point is redeemable for a $2 discount on any purchases of Blue Spruce merchandise in the next three years. After the program launched, during 2020, customers bought merchandise for $260,000 (all products are sold to provide a 30% gross profit) and earned 10,400 points redeemable for future purchases. The stand-alone selling price of the merchandise sold is $260,000. Based on prior experience with incentive programs like this, Blue Spruce expects 8,000 points to be redeemed related to these sales. (b) Your answer is partially correct. Try again. Prepare the journal entries for cash sales including the issuance of loyalty points for Blue Spruce in 2020. (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 percentage allocations to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit TCash 260000 0000 T Unearned Revenue 7774 Sales Revenue 252226 (To record cash sales of products subject to loyalty points) TCost of Goods Sold 182000 182000Z Inventory 182000 (To record cost of goods sold)