I don't know about that friendship / pricetag thing....as a friend of mine once said "A good count makes good friends..." I personally sort of like to return favors for my friends. I think you can tell him exactly what it's for, just don't make a big deal out of it...a simple "thanks for helping me out last night, why don't you let me take you out for a drink" I think is perfectly fine. Frankly, just a simple "thank you" is probably fine, but if you want to spot him lunch or alchohol, go ahead. I wouldn't find it demeaning at all if I were in his shoes.
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