1. How should the $25 Referral Credit be recorded in Runway’s Income Statement”� as a reduction of revenue or as a marketing expense? 2. When would Runway record the $25 Referral Credit? What are the entries Runway would record when the $25 Referral Credit is earned by the Existing Customer? What are the entries Runway would record when the $25 Referral Credit is redeemed against a $100 purchase made by the Existing Customer? 3. Runway is planning to adopt IFRSs in the near future. What is the relevant?
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