To increase sales, Cobalt Inc., a public company following IFRS, implemented a customer loyalty program in 2020 that rewards a customer with 1 loyalty point for every $10 of purchases on a select group of products. Each point is redeemable for a $1 discount on any purchases of Cobalt merchandise in the next two years. Following the implementation of the program in early 2020, customers purchased select group products for $120,000 and eamed 12,000 points redeemable for future purchases during 2020. The stand-alone selling price (SASP) of the purchased products is $120,000, and all products are sold to provide a 55% gross profit on the SASP. Based on prior experience with incentive programs like this, Cobalt expects 11,500 points to be redeemed related to these sales. Management incorporates these expected redemptions into valuation of the performance obligation pertaining to the points. Over the next two years, 8,000 points are redeemed in 2021, and 3,000 points are redeemed in 2022 Required: a) Identify the separate performance obligations in the Cobalt bonus point program and allocate the transaction price to each performance obligation. When is each performance obligation recognized in revenue? b) Prepare the journal entries for the select group product sales and cost of sales, including the issuance of bonus points for Cobalt in 2020. c) Prepare the journal entries for the redemption of the points in 2021 and 2022. (Ignore the cost of sale for the redemptions.) d) At the beginning of 2023, all of the remaining unredeemed points expire. How should Cobalt record the expiry of these points? Provide a brief rationale for your recommendation