CircuitTown began a gift card program in January 2021 and sold $11,050 worth of gift cards in

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Question:

CircuitTown began a gift card program in January 2021 and sold $11,050 worth of gift cards in January, $18,050 in February and $22,200 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,200 for gift cards sold in January, $4,850 for February cards, and $6,350 for March cards. CircuitTown considers gift cards "broken" (non-redeemable) 10 months after sale.

Required:
1. How much revenue will CircuitTown recognize for January gift card sales during 2021?
2.Prepare journal entries to record the sale of gift cards for January, the redemption of gift cards (ignore sales tax), and the breakage (expiration) of gift cards.
3. How much revenue will CircuitTown recognize for March gift card sales during 2021?
4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2021?