Exercise 13-9 (Algo) Gift Cards (LO13-3] CircuitTown commenced a gift card program in January 2021 and sold $12,150 of gift cards in January, $19,150 in February, and $18,100 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $7,850 for the January gift cards sold, $4,350 for the February cards, and $4,250 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 2021? 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 Circuit Town recognize with respect to March gift card sales during 2021? 4. What liability for deferred revenue associated with gift card sales would Circuit Town show as of December 31, 2021? Complete this question by entering your answers in the tabs below. Reg 2 Req 1 and 3 and 4 Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the January gift card sales. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet