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Question 2 Not yet answered Marked out of 18.00 Accounting for Gift Cards Assume Ikeo Inc. sold $100,000 of gift cards during the last two weeks of December 2020. No gift cards were redeemed in 2020, while $90,000 of the gift cards were redeemed for store purchases during 2021. On December 31, 2021, Ikeo Inc. calculates the remaining balance of unredeemed gift cards of $10,000 ($100,000 less $90,000). Based on previous experiences, Ikeo estimates gift card breakage to be 5% of total gift card sales. Ikeo uses the proportional method to recognize income on gift card breakage. Required a. Record the sale of gift cards in 2020. b. Record the redemption of gift cards in 2021. c. Record revenue in 2021 due to gift card breakage using the proportional method. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Dr. Cr. b. + + P Flag question + + Previous Save Answers Next > Cash Accounts Receivable Inventory Equipment Copyright Accounts Payable Accrued Compensation Deferred Gift Card Revenue Estimated Litigation Liability Interest Payable Salaries Payable Sales Taxes Payable Warranty Liability Note Payable Discount on Note Payable Asset Retirement Obligation Sales Revenue Gift Card Breakage Revenue Warranty Revenue Deferred Gift Card Revenue Estimated Litigation Liability Interest Payable Salaries Payable Sales Taxes Payable Warranty Liability Note Payable Discount on Note Payable Asset Retirement Obligation Sales Revenue Gift Card Breakage Revenue Warranty Revenue Cost of Goods Sold Interest Expense Legal Expense Salaries Expense Warranty Expense Gain on Litigation Settlement Loss on Litigation Settlement N/A