The Theatre Company has a fiscal year end of July 30 and uses the accrual basis. The following transactions occurred during August and September of 2020: During August, the company sold $1,000 in gift cards that can be used to purchase tickets to performances. The gift cards expire five years after the issue date, and all the gift card sales were in cash. Ballet sold $30,000 of season tickets in August. The company will perform a ballet on the second Friday of each month for six months beginning with the first ballet that was performed on September 14, 2020. The company sold an additional $5,000 of tickets at the door for the first performance of the year (in September). Of these sales, $500 of the tickets for the performance were purchased with gift cards and the rest were paid for in cash. Use this information to determine the amount of revenue that should be recognized in August.