The answer to 1 is not 7800.

CircuitTown commenced a gift card program in January 2024 and sold $13,150 of gift cards in January, $16,000 in February, and $17,400 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $7,800 for the January cards sold, $6,300 for the February cards, and $4,800 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024 ? 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024 ? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2024 ? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024? 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31,2024