Question 3 ABC Company (ABC) is offering a small model car to customers who send in three codes from ABC products (such as cereal and crackers), along with $1.00. ABC purchased 210,000 small model cars in 2020 for $2.00 each and paid cash. During the year the company sold 2,500,000 boxes of cereal and crackers for $5.00 per box. ABC estimates that 10% of the sales amount received from customers relates to the small model cars to be awarded. The company expects that 30% of the codes will be redeemed and in 2020, 600,000 codes were redeemed. Required: a) Prepare the journal entries for the above situation assuming that ABC Company follows IFRS and uses the revenue approach. b) Prepare the journal entries for the above situation assuming that ABC Company follows ASPE and uses the expense approach.