CircuitTown commenced a gift card program in January $2024$ and sold $$12,250$ of gift cards in January, $$16,900$ in February, and $$18,600$ in March $2024$ before discontinuing further gift card sales. During $2024,$ gift card redemptions were $$7,900$ for the January gift cards sold, $$6,500$ for the February cards, and $$5,450$ for the March cards. CircuitTown considers gift cards to be "broken" $($not redeemable$)10$ months after sale.

Required:

How much revenue will CircuitTown recognize with respect to January gift card sales during $2024?$

Prepare journal entries to record the sale of January gift cards, redemption of gift cards $($ignore sales tax$),$ and breakage $($expiration$)$ of gift cards.

How much revenue will CircuitTown recognize with respect to March gift card sales during $2024?$

What liability for deferred revenue associated with gift card sales would CircuitTown show as of December $31,2024?$

Complete this question by entering your answers in the tabs below.

Req $2$

Req $1$ and $3$ anct $4$

How much revenue will CircuitTown recognize with respect to January gift card sales during $2024?$

How much revenue will CircuitTown recognize with respect to March gift card sales during $2024?$

What liability for deferred revenue associated with gift card sales would CircuitTown show as of December $31,2024?$

Show less $$

Revenue recognized from January gift card sales

Revenue recognized from March gift card sales

Year$-$end deferred revenue liability

Req $2$

Moreover,

RECORD THE EXPIRATION OF JANUARY GIFT CARDS