Transcribed image text: Peterson Photoshop sold S1600 in gift cards on a special promotion on October 15, 2021, and sold $2.400 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October $160 were redeemed in October, $400 in November, and $480 in December of the gift cards sold in November, $240 were redeemed in November and $560 were redeemed in December Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of Multiple Choice $2.360 $1600