( On December 15, 2020, HHC also sold $12,000 of gift cards to customers that can be redeemed for merchandise starting on January 1, 2021. Management is quite pleased with this sale because in the past approximately 8.5% of the gift cards sold were never redeemed by customers. In January 2021, $5,000 of these cards are redeemed for merchandise with a cost of $3,500. The company uses a perpetual inventory system and has a December 31st year end. Instructions (show details of all calculations) Question 5 (2 points) Prepare the journal entry needed for December 15, 2020. (2 marks) Format BIU ... A Question 6 (4 points) Prepare the journal entries needed for the January 2021 redemptions, including the related costs. Round to the nearest dollar