CircuitTown commenced a gift card program in January $2021$ and sold $$11,150$ of gift cards in January, $$19,950$ in February, and $$17,600$ in March $2021$ before discontinuing further gift card sales. During $2021,$ gift card redemptions were $$6,900$ for the January gift cards sold, $$6,950$ for the February cards, and $$4,550$ for the March cards. CircuitTown considers gift cards to be $$broken$($not redeemable$)10$ months after sale.

Required:

$1.$ How much revenue will CircuitTown recognize with respect to January gift card sales during $2021?$

$2.$ 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 $2021?$

$4.$ What liability for deferred revenue associated with gift card sales would CircuitTown show as of December $31,2021?$