CircuitTown commenced a gift card program in January 2016 and sold $11,150 of gift cards in January, $19,950 in February, and $17,600 in March of 2016 before discontinuing further gift card sales. During 2016, 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 2016