32) A clothing store maintains a loyalty program for its customers. Members receive points for every purchase which do not expire. In fiscal 2012, the store made sales of $1 million and awarded 50,000...

32) A clothing store maintains a loyalty program for its customers. Members receive points for every purchase which do not expire. In fiscal 2012, the store made sales of $1 million and awarded 50,000 points that have a fair value of $50,000. The company estimates that approximately 75% of these points will be redeemed by members. Members redeemed 10,000 points in fiscal 2013.

Provide the necessary journal entries for fiscal 2012 and 2013.

33) A company purchased inventory from Europe valued at $100,000 euros. The spot rate at the transaction date was C$1.00 = 0.85 Euro. The spot rate on year end date was C$1.00 = 0.80 Euro. When the company paid the supplier 3 months after year end the spot rate was C$1.00 = 0.90 Euro.

Provide all necessary journal entries. Round all amounts to nearest dollar.