EZ Tools Inc. (EZ), a public company, sells various small tools and light-weight snow shovels to Canadians. EZ offered a promotion during the month of October and November where customers who spend a minimum of $200 will receive an $85 gift card that can be applied to their next purchase of merchandise. The gift cards expire on May 1 (legal in EZ's jurisdiction) and cannot be redeemed for cash. Notwithstanding, management anticipates that all of the gift cards will be redeemed. EZ has not offered similar promotions in the past and does not have an established accounting policy for such promotions. EZ's gross profit margin is approximately 40% and EZ uses a perpetual inventory system. Required: (FROM THE PERSPECTIVE OF EZ) 1. a) Assume a customer purchases $350 of goods during the promotion and as such receives a gift card. Prepare all journal entries to account for the transaction. 2. b) Assume the customer in (a) above purchases goods priced at $125 on April 15 and redeems the gift card sold above at the same time. Prepare all journal entries that captures all the events described herein