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Bianca Company has a business unit that sells clothes. It offers its customers the option...

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Accounting

Bianca Company has a business unit that sells clothes. It offers its customers the option to collect points. For every $10 spent, they collect 5 points. For every 50 points, the customers can redeem a gift that costs the company $10 and has a retail price of $15.
You have the following additional information about 2022:
Total sales 4,850,000
% of points expected to be redeemed 68%
Number of gifts actually redeemed 3500
Required-
Prepare the journal entries related to this loyalty program in 2022. Assume IFRS.

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