CircuitTown commenced a gift card program in January 2024 and sold $12,300 of gift cards in January, $18,250 in February, and $19,900 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $6,850 for the January gift cards sold, $5,750 for the February cards, and $3,900 for the March cards. CircuitTown considers gift cards to be broken (not redeemable) 10 months after sale.

Required:

How much revenue will CircuitTown recognize with respect to January gift card sales during 2024?

Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards.

How much revenue will CircuitTown recognize with respect to March gift card sales during 2024?

What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2024?