X Your answer is incorrect. At the end of the first reporting period July 31, 2020),8,600 loyalty points are redeemed. Grouper continues to expect 21.500 loyalty points to be redeemed in total. Determine the amount of loyalty point revenue to be recognized at July 31, 2020 Amount of Loyalty Point Revenue 41700 Grouper Inc has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2020, customers purchase products for $270,000 (with a cost of $140,400) and earn 27.000 points redeemable for future purchases. Grouper expects 21,500 points to be redeemed. Grouper estimates a standalone selling price of $2.50 per point (or $67,500 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, Grouper concludes that the points are a separate performance obligation