Wynn Corp. offers a set of building blocks to customers who send in three codes...
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Wynn Corp. offers a set of building blocks to customers who send in three codes from Wynn cereal, along with $1. Wynn purchased 100,000 building block sets in 2017 for $2.50 each and paid for them by cash. During 2017, Wynn sold one million boxes of cereal for $4 per box. Wynn estimates that 10% of the sales amount received from customers relates to the building block sets to be awarded. Wynn expects 30% of the codes to be sent in, and in 2017, 240,000 codes were redeemed. Prepare all necessary journal entries for 2017 if Wynn follows IFRS.
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