This problem consists of five questions: tour essay questions and one numerical question. Please provide short, concise answers to each question. Please note that the maximum recommended word count for each essay Question is 210 words. a) b) Costco Wholesale Corporation is an American multinational corporation which operates a chain of membership-only warehouse clubs. Upon purchase of one-year, non-refundable memberships, Costco members can buy at discounted prices a selection of products in a wide range of categories (e.g., groceries & household, health & beauty, wines & spirits, appliances, electronics, computers etc.). In certain countries, Costco's top customers (Executive Members) quality for a 2% reward on their purchases, which does not expire. Discuss how Costco should account for its revenue, together with any issues that may arise in the recognition of expenses. [7 marks] Costco has agreements to receive rebates (money back) from their suppliers upon reaching pre- specified sale volumes. Discuss the alternative ways in which Costco could report these rebates. In your opinion, which of these alternatives reflects better the economic substance of the rebates? Explain