GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2024, GoodBuy sold
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GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2024, GoodBuy sold $1,000,000 of gift cards, and $840,000 of the gift cards were redeemed for products. As of December 31, 2024, $30,000, of the remaining gift cards had passed the date at which GoodBuy concludes that the cards will never be redeemed. How much gift card revenue should GoodBuy recognize in 2024?
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GoodBuy should not recognize revenue when it sells the 1000000 of ...View the full answer
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