13. Assignments and 2 Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January, $15.000 in February, and $16.000 in March of 2018 before discontinuing further in card sales. During 2018, gift card redemptions were $6,000 for the January gift cards sold, 54,500 for the February cards, and $4,000 for the March cards. Circuit Town considers gift cards to be broken not redeemable) 10 months after sale. Required: 1. How much revenue will Circuit Town recognize with respect to January gift card sales during 2018? 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. 2. How much revenue wil Circuit Town recognire with respect to March gift card sales during 2018? 4. What liability for deferred revenue associated with gift card sales would Circuit Town show as of December 31, 2018? Complete this question by entering your answers in the tabs below. Reg2 Reg 1 3 and 4 Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration of gift cards. ( entry is required for a transaction event, select a try required in the first account held.) Journal entry worksheet MacBook Air