Question: Bad Primate Clothing (BPC), a reporting entity, maintains a loyalty program for its customers. For every purchase, members receive points that do not expire. In

Bad Primate Clothing (BPC), a reporting entity, maintains a loyalty program

Bad Primate Clothing (BPC), a reporting entity, maintains a loyalty program for its customers. For every purchase, members receive points that do not expire. In fiscal 2014, 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 2015. Required: a) Provide the necessary journal entries for fiscal 2014 and 2015

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