P$6\mathrm{.}4$ Presented below are three independent revenue arrangements for Colbert Company. The company follows IFRS.

Instructions

Respond to the requirements related to each revenue arrangement.

to be recognized in $2023.$

Assume a December $312023$ year end.

a$.$

$10\%$ of these gift cards. The pattern of redemption is as follows.

Prepare the $2023$ journal entries related to the gift cards at March $1,$ March $31,$ April $30,$ and June $30.$ Round amounts to the nearest dollar.