CircuitTown commenced a gift card program in January 2024 and sold $12,600 of gift cards in January, $19,800 in February, and $22,100 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $6,600 for the January gift cards sold, $6,600 for the February cards, and $5,400 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?

Record the January gift card sales.

Record the redemption of January gift cards

Record the expiration of January gift cards.

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