CircuitTown commenced a gift card program in January 2013 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March of 2013 before discontinuing further gift card sales. During 2013, gift card redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4,000 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. (For purposes of this question, assume that gift-card sales occur halfway through each month on average.)

Required:
1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2013?
2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards.
3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2013?
4. What liability for unearned revenue associated with gift card sales would CircuitTown show as of December 31, 2013?