EmotiveQ commenced a gift card program in January year $1$ and sold $$13,000$ of

gift cards in January, $$17,000$ in February, and $$17,000$ in March of year $1$ before

discontinuing further gift card sales. During year $1,$ gift card redemptions were

$$7,000$ for the January gift cards sold, $$3,500$ for the February cards, and $$5,000$ for

the March cards. EmotiveQ considers gift cards to be "broken" $($not redeemable$)10$

months after sale.

Required:

What liability for deferred revenue associated with gift card sales would

EmotiveQ show as of December $31,$ year $1?$