Question 1 Meadows Undone Inc. (MUI) uses IFRS. MUI produces and sells lawnmowers. To encourage sales of a new type of mower, MUI offered a rebate program to end. consumers. The rebate is $51 per mower and can be claimed oniline. Additional information is as follows: (a) During the promotional period, MUI sold 1,000 mowers to distributors (wholesalers) who offered the rebate to their end-consumers. The wholesale price was $350 per unit whille the cont of goods sold was $116 per unit. The distributors sold the units to end-consumers at an average price of $425 per thit. (b) MUI estimated that 57% of the end-consumers would take advantage of the robate offer. (c) The actual rademption rate was 60%. REQUIRED 1. Prepare a summary joumal entry to record the sales of the lawnmowers to the distributors during the promotional period. Assume that all sales were on credit. 2. Prepare a summary joumal entry to record the receipts of the rebate claims from the end-consumers, No rebate payments have been made yet. 3. After recording all of the applicable journal entries, how much gross profit should have been reported by MUI? 4. If all rebate amounts are paid next month, what fournal entry should be recognized at the time of payment