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Provide the necessary journal entries for fiscal

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Question - A clothing store maintains a loyalty program for its customers, and follows IFRS. For every purchase, members receive points that do not expire. In fiscal 2019, the store made sales of $1 million and awarded 60,000 points that have a fair value of $60,000. The company estimates that approximately 75% of these points will be redeemed by members. Members redeemed 10,000 points in fiscal 2020. Provide the necessary journal entries for fiscal 2019 and 2020.

Reference no: EM132842896

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