I operation, w 4. (8 pts) Chili's opened for business in November 2021. During its first two months of restaurant sold gift cards in various amounts totaling $6,400. They are redeemable for meals within redeemed within one year. Gift cards totaling $1,900 were presented for redemption during 2021 for meals having a total price of $2,300. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Sales taxes will be remitted in January. years of the purchase date, although experience within the industry indicates that 70% of gift cards a (6 pts) Prepare the appropriate journal entries (in summary form) for the gift cards and meals sold during 2021 Account Debit Credit (2 pts) The Net income Chili's will recognized in $ Explain your an- swer