Ivanhoe sells 20 non-refundable $198 gift cards for 3-D printer plastic on March 1, 2020. The plastic has a stand-alone selling price of $198 (cost $158). The gift card expiration date is June 30, 2020. Ivanhoe estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Cumulative Redemption Rate to Date March 31 50% April 30 80% June 30 85% Prepare the 2020 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit March 1, 2020 Cash 3960 Contract Asset/Liability 3960 March 31, 2020 V Contract Asset/Liability 3168 Sales Revenue 3168 (To record sales revenue) March 31, 2020 cost of Goods Sold 1580 1580 Inventory (To record cost of goods sold) April 30, 2020 V Contract Asset/Liability 1188 Sales Revenue 1188 (To record sales revenue) April 30, 2020 Cost of Goods Sold 948 948 Inventory (To record cost of goods sold) June 30, 2020 Contract Asset/Liability 198 Sales Revenue 198 (To record sales) June 30, 2020 V Il Cost of Goods Sold 158 158 Inventory (To record cost of goods sold)