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:

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

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 2024?

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