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To increase sales, Sheridan Inc., a public company following IFRS, implemented a customer loyalty program that rewardsa custoiner with one loyalty point for every $40 of merchandise purchased, Each point is redeemable for a $200 discount on any purchases of Sheridan merchandise in the next three years. After the program launched, during 2023, customers bought merchandise for $412.000 (all products are sold to provide a 30% gross profit) and earned 10,300 points redeemable for future purchases. The stand-allone selling price of the merchandise sold is $412,000. Based on prior experience with incentive programs like this, Sheridan expects 7,200 points to be redeemed related to these sales. (b) Prepare the journal entries for cash sales including the issuance of loyalty points for Sheridan in 2023 . (Credit occount tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select " No Entry" for the occount tities and enter O for the amounts, Round percentage allocations to 2 decimal places, eg. 52.75% and final answers to 0 decinal places, eg. 5,275. List all debit entries before credit entries.) Question 6 of 6 Account Titles and Explanation (To record cash sales of products subject to loyalty points) (To record cost of goods sold) eTextbook and Media