Revenue associated with the sale of gift cards normally is recognized Evenly over the life of the gift card. O When the gift cards are redeemed. O When the gift cards are purchased. None of the other answers is correct. Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. The equipment was completed and ready for use On January 1, 2020. Jet Air Inc. issued a $2,000,000 note to Systems Plus Inc. in exchange for the equipment that required 6% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 8% was a reasonable rate of interest for such a transaction. Present value of single $1 (Table 2) Present value of $1 ordinary annuity (Table 4) 3 6 3 6 4.00% 0.88900 0.79031 2.77509 5.24214 5.00% 0.86384 0.74622 2.72325 5.07569 6.00% 0.83962 0.70496 2.67301 4.91732 7.00% 0.81630 0.66634 2.62432 4.76654 8.00% 0.79383 0.63017 2.57710 4.62288 9.00% 0.77218 0.59627 2.53129 4.48592 10.00% 0.75131 0.56447 2.48685 4.35526 The equipment should be recorded on January 1,2020 at O $2,000,000. O $1,895,157. O $2,106,920. $1,896,912. Blue Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's assets in that country. If the likelihood of expropriation is reasonably possible, a loss contingency should be: Accrued as liability but not disclosed. Neither accrued as a liability nor disclosed. Disclosed and accrued as a liability. Disclosed but not accrued as a liability