BE10.11 Rikard's Menswear sells $4,750 of gift cards for cash in December 2021. Rikard's has a December 31 fiscal year end and uses a perpetual inventory system. In January 2022, $2,425 of the gift cards are redeemed for merchandise with a cost of $1,070. Prepare journal entries for Rikard's for December 2021 and January 2022 assuming all gift card balances will be redeemed. Record gift cards issued and redeemed BE10.12 For each of the following independent situations, indicate whether it should be (1) recorded, (2) disclosed, or (3) neither recorded nor disclosed. Explain your reasoning and indicate if the accounting treatment would be the same or different under IFRS and ASPE. Account for contingencies. 1. A customer has sued a company for $1 million. Currently the company is unable to determine if it will win or lose the lawsuit. 2. A customer has sued a company for $1 million. The company will likely lose the lawsuit. 3. A competitor has sued a company for $2 million. The lawyers have advised that there is a 55% chance that the company will lose the lawsuit. BE10.14 Becky Sherrick's regular hourly wage rate is $12.50, and she is paid time and a half for work over 40 hours per week. In the pay period ended March 16, Becky worked 46 hours. Becky's CPP deductions total $26.99, EI deductions total $10.17, and her income tax withholdings are $73.70. (a) Calculate Becky's gross and net pay for the pay period. (b) What are Becky's employer's costs for CPP, EI, and income tax? Calculate gross and net pay, and employer costs