SOCK HOP Inc. began operating on January 1, 2021. SOCK HOP follows IFRS and prepares adjusting entries monthly. SOCK HOP offers a new loyalty program where for every 12 pairs of hosiery purchased by a customer, that customer receives one pair free. Based on industry data, 83% of customers are expected to redeem the free pair. All socks sell for $12 per pair. In January 2021, 1,000 pairs of socks were sold for cash. No pairs of hosiery were redeemed. Cost of product was $4,000. Required: a) Calculate SOCK HOP's gross profit in January 2021 b) Calculate the number of redemptions SOCK HOP expects to make in the future from its January sales. Where should future redemptions be shown in SOCK HOPS financial statements? At what amount