During December 2020, Soft Skin Ltd. sells $28,500 of gift cards to customers. From reliable past experience, management estimates that 9% of the gift cards sold will not be redeemed by customers. In January 2021, $2,200 of these cards is redeemed for merchandise with a cost of $1,650. In February 2021, a further $10,100 of these cards is redeemed for merchandise with a cost of $8,080. The company uses a perpetual inventory system and has a February 28 year end. Prepare the journal entry needed for the January 2021 redemptions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit January, 2021 | Contract Asset/Liability Sales Revenue Sales Revenue (To record sales) January, 2021 Cost of Goods Sold 1650 Inventory 1650 1650 (To record cost of goods sold) Prepare the journal entry needed for the February 2021 redemptions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit February, 2021 Contract Asset/Liability Sales Revenue (To record sales) February, 2021 Cost of Goods Sold 8080 Inventory C D8080 8080 (To record cost of goods sold) What amount, if any, will appear on the SFP concerning gift cards at February 28, 2021? The SFP will show a balance of $ as a | current liability for unredeemed gift cards