Logans Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $2,300. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $742 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logans will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,300 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $742 in gift cards redeemed. (Hint: The $742 includes a 6% sales tax of $42.). 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) to be reported on the December 31 balance sheet.