CircuitTown commenced a gift card program in January 2018 and sold $13,500 of gift cards in January, $18,950 in February, and $20,000 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $7,200 for the January gift cards sold, $5,650 for the February cards, and $6,600 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 2018? 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 2018? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2018? Complete this question by entering your answers in the tabs below. Req 1 3 and4 Req 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the January gift card sales. Note: Enter debits before credits. Event General Journal Debit Credit 1 Journal entry worksheet 1 2 3 Record the redemption of January gift cards Journal entry worksheet 2 3 Record the expiration of January gift cards. and 4 Req 2 Req 1 How much revenue will CircuitTown recognize with respect to January gift card and March gift card sales during 2018. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2018? 1 Revenue recognized from January gift card sales 3 Revenue recognized from March gift card sales 4 Year-end deferred revenue liability Req 2 Req 1 3 and 4 >