To increase sales, Sandhill Inc., a public company following IFRS, implemented a customer loyalty program that rewards a customer with one loyalty point for every $30 of merchandise purchased. Each point is redeemable for a $2.00 discount on any purchases of Sandhill merchandise in the next three years. After the program launched, during 2023, customers bought merchandise for $330,000 (all products are sold to provide a 40% gross profit) and earned 11,000 points redeemable for future purchases. The stand-alone selling price of the merchandise sold is $330,000. Based on prior experience with incentive programs like this, Sandhill expects 8,000 points to be redeemed related to these sales. (b) Your answer is partially correct. Prepare the journal entries for cash sales including the issuance of loyalty points for Sandhill in 2023. (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 O decimal places, e.g. 5,275. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Cash Unearned Revenue Sales Revenue (To record cash sales of products subject to loyalty points) Cost of Goods Sold Inventory (To record cost of goods sold) 330000 198000 198000