In 2019, its first year of operations, Regal Department Store sells $250,000 of gift certificates redeemable for store merchandise that expire one year after their issuance. With a high degree of certainty, Regal believes 10% of the gift certificates willl not be redeemed. By the end of 2019, $200,000 of gift certificates had been redeemed. Required: 1. Complete the required journal entries for the gift certificate activity. 2. In its December 31, 2019, balance sheet, what amount should Regal report as a liability for unused gift certificates? Complete this question by entering your answers in the tabs below. Required 1 Required 2 In its December 31, 2019, balance sheet, what amount should Regal report as a liability for unused gift certificates? Liability reported