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Problem 1-17 (AICPA Adapted) Regal Company sells gift certificates, redeemable for store merchandise. The gift certificates have no expiration date. The entity has the following information pertaining to the gift certificate sales and redemptions: Unearned revenue on January 1, 2020 750,000 2020 sales 2,500,000 2020 redemptions of prior year sales 250,000 2020 redemptions of current year sales 1,750,000 What amount should be reported as unearned revenue on December 31, 2020? a. b. c. d. 1,250,000 1,125,000 1,000,000 500,000