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In January 2022, Orange Inc. sells $50,000 worth of gift cards to customers. All customers pay the gift cards with cash. Please write journal entry

In January 2022, Orange Inc. sells $50,000 worth of gift cards to customers. All customers pay the gift cards with cash. Please write journal entry for this transaction. It is estimated that 10% of the gift cards will not be used by customers. In 2022, 9,000 of Orange Inc's sales are paid with gift cards. How much revenue should Orange Inc. recognize in the year? Please also write journal entry for revenue recognition.

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