CircuitTown commenced a gift card program in January 2018 and sold $10,900 of gift cards in January, $15,250 in February, and $21,600 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $6,100 for the January gift cards sold, $6,650 for the February cards, and $6,650 for the March cards. Circuit Town 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 Circuit Town 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 2 Req 1 3 and 4 Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expii gift cards. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list