Julio, Inc. sold $250,000 of gift cards during the period July 1, 2020 through December 31, 2020. During the same period $70,000 of the gift cards were redeemed for store purchases. On December 31, 2020, Julio calculates the remaining balance of unredeemed gift cards of $180,000. Based on previous experiences, Julio estimates gift card breakage to be 7% of total gift card sales. Julio uses the proportional method to recognize income on gift card breakage. How much gift card revenue from breakage should be recognized for the period ended December 31, 2020? Paragraph V BI UA +4 ***