Question 50 (4 points) Based on prior experience, Classical Ltd. expects 80% of the gift...
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Question 50 (4 points) Based on prior experience, Classical Ltd. expects 80% of the gift cards it sells to be redeemed and the remaining 20% to be unexercised. Classical Ltd. believes this 80% redemption rate has good predictive value. Jean bought a $200 gift card from Classical Ltd. Classical Ltd. follows IFRS. Required: Prepare the journal entries for Classical Ltd., (i) when Classical Ltd. sells the gift card to Jean, and (ii) when Jean redeems $120 from the gift card. Ignore any related cost of goods sold entries
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