Question 56 (6 points) Canucks Apparel has a loyalty program that always rewards customers who...
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Question 56 (6 points) Canucks Apparel has a loyalty program that always rewards customers who purchase merchandise with one loyalty point per dollar spent. Each loyalty point is redeemable for $0.01 in merchandise. In 2020, customers bought $3,000,000 worth of merchandise from Canucks Apparel and earned 3,000,000 points. Canucks Apparel estimates that a competitor that does not have a loyalty program would sell the same merchandise for $2,990,000. Canucks Apparel estimates that all loyalty points will be redeemed. Canucks Apparel follows IFRS. Required: Prepare the journal entries for Canucks Apparel for the sales and issuance of loyalty points, assuming all merchandise was purchased using cash and none of the loyalty points have been redeemed yet. Also assume that all estimates made by Canucks Apparel are highly reliable and accurate. Ignore any related cost of goods sold entry. Please round the final amounts in the journal entries to the nearest 1,000 dollars
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