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Bramble Corp. offers a set of building blocks to customers who send in 3 codes from Bramble cereal, along with $1.00. Bramble purchased 99,200 building
Bramble Corp. offers a set of building blocks to customers who send in 3 codes from Bramble cereal, along with $1.00. Bramble purchased 99,200 building block sets in 2020 for $2.50 each, and paid for them by cash. During 2020, Bramble sold 992,000 boxes of cereal for $4 per box. Bramble estimates that 10% of the sales amount received from customers relates to the building block sets to be awarded. Bramble expects 30% of the codes to be sent in, and in 2020, 238,080 codes were redeemed. Prepare all necessary journal entries for 2020 if Bramble follows IFRS and prefers to use the revenue approach. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record cash purchase of premiums) (To record cash sales) (To record redemption of codes) Prepare all necessary journal entries for 2020 if Bramble follows ASPE and prefers to use the expense approach. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record cash purchase of premiums) (To record cash sales) (To record redemption of codes) (To record premium expense) Debit Credit
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