Bianca Company has a business unit that sells clothes. It offers its customers the option to collect points. For every $10 spent, they collect 5 points. For every 50 points, the customers can redeem a gift that costs the company $10 and has a retail price of $15.

You have the following additional information about 2022:

Total sales

4,850,000

% of points expected to be redeemed

68%

Number of gifts actually redeemed

3500

Required-

Prepare the journal entries related to this loyalty program in 2022. Assume IFRS.