Apple Inc.is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.5 million in iTunes gift cards in November, and customers redeem $13.5 million of the gift cardsin December.

1.Record the revenue earned when $13.5 million in gift cards is redeemed in December.

2.Compute the balance in the Deferred Revenue account as of December 31.

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