2. Petro Station started a customer loyalty program at the beginning of 2023 in which customers making cash purchases of gasoline at the gas bar are issued rewards in the form of coupons. For each litre of gasoline purchased, the customer gets a coupon for 2.5 cents ($0.025) that can be redeemed in the service department toward such things as oil changes or snacks. The coupons have no expiry date. Petro Station began selling gift cards to be redeemed for gas in 2024 that do not have expiry dates.

The following are selected transactions in 2023:

the gas bar sold 750,000 litres of gasoline resulting in gas sales of $1,050,000. Service department coupons were issued with these sales. The expected redemption rate for the service coupons is 70%.

customers redeemed $5,950 of the coupons to purchase snacks.

customers purchased $3,950 of gift cards, and $1,500 revenue from gift card sales was to be recorded by the end of the year

Prepare journal entries to record the above transactions. Show all your calculations. (15 marks) please give right ans