Multiple Choice Question 60 Sunland Industries sells gift certificates that are redeemable in merchandise. During 2017, Sunland sold gift certificates for 587700 Merchandise with the total price of 551700 was redeemed during the year. For Sunland, the cost of the merchandise sold was $32500. Sunland sold gift certificates for the first time in 2017. Assuming that Sunland use the perpetual Inventory method, the journal entry recording the redemption of the gift certificates during 2017 w include: a credit to Cost of Goods Sold for $32500 a debit to Unearned Revenue for $87700 a credit to Sales for $51700 a credit to Unearned Revenue for $51700