Colbert sells 20 non-refundable $100 gift cards for 3-D printer plastic on March 1, 2020. The plastic has a stand-alone selling price of $100 cost $80). The gift card expiration date is June 30, 2020. Colbert estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Cumulative Redemption Rate to Date March 31 50% April 30 80% June 30 85% Prepare the 2020 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation e Debit Credit 320 Cash 2000 Contract Asset/Liability 2000 2020 Contract Asset/Liability Sales Revenue e 553 PM 6/12/2020 (To record sales revenue) 1.2020 Cost of Goods Sold B00 Inventory 800 (To record cost of goods sold) Contract Asset/Liability 2020 600 Sales Revenue 400 (To record sales revenue) 2020 Cost of Goods Sold 480 480 Inventory (To record cost of goods sold) 2020 Contract Asset/Liability Sales Revenue