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Asked by Tables5sllss
8. RHINO Corp. sells novelty items and grants its customers one...
Image transcription text 8. RHINO Corp. sells novelty items and grants its customers one reward point for each
P500 sale. Each point is redeemable in the form of peso discount. The customer can
earn 1 point for every $500 purchase from RHINO. During 20211 RHlNU made P5,000,000 on which 10.000 were awarded. The fair value
price for the points is P125. RHlNO expects that only 50% of the points will be
redeemed. During 2021, 4,000 points were redeemed by the customers. On 2022, there are 200
points redeemed from customers of 2021 sales. What amount should be reported as unearned revenue on loyalty points from 2021
sales for 2022?
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Answered by ChiefSteel3280
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