Problem 4 Biodioramarama Company operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2019, the entity issued 50,000 award credits and expects that 80% of these award credits shall be redeemed. The stand-alone selling price of the award credits granted is reliably measured at P1,000,000. In 2019, the entity sold goods to customers for a total consideration of P7,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows: Expected to Redeemed be redeemed 2019 15,000 80% 2020 7,950 85% 2021 2,550 85% 2022 15,000 90% Required: Prepare the journal entries from 2019 to 2022