Wacol Store has recently launched a customer loyalty programme that rewards a customer with one customer loyalty point for every C30 of purchases. Each point is redeemable for a C3 in value for purchases of Wacol products. Chapter 4 35 GAAP: Graded Questions Revenue from contracts with customers The loyalty programme is optional (customers need to register to join it) and free to join. However, not all customers choose to take advantage of the programme. During January, customers who took part in the loyalty programme purchased products for C450 000, thus earning the promised number of points. Wacol Store expects 95% of the points to be redeemed. The entity estimates a stand-alone selling price of C3 per point. Required: Briefly explain how Wacol Store should account for the customer loyalty programme and provide the necessary journal entries to account for the transactions. Ignore loss allowances. Part B During February, 3000 customer loyalty points were redeemed, and on the date of this redemption, Wacol Store had revised its estimate of the total number of points that would be redeemed to 98%. Required: Provide the journal to account for this redemption. Ignore loss allowances