Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,200. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $936 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $3,200 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $936 in gift cards redeemed. (Hint. The $936 includes a 4% sales tax of $36.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet