Which of the statements below describes how TIF accounts for sales of gift cards on its balance sheet and income statement? You may select more than one.

Select one or more:

a. Revenue is recognized when the gift card is sold

b. Revenue is recognized when merchandise is purchased using the gift card and delivered to the customer

c. The gift card liability is relieved when merchandise is purchased using the gift card and delivered to the customer

d. A gift card liability is established when the gift card is sold

e. All of these answers

f. Gift card liabilities are included in the line item Merchandise credits and deferred revenue on the balance sheet