Question: Colbert sells 20 nonrefundable $100 gift cards for 3D printer paper on March 1, 2017. The paper has a standalone selling price of $100 (cost

Colbert sells 20 nonrefundable $100 gift cards for 3D printer paper on March 1, 2017. The paper has a standalone selling price of $100 (cost $80). The gift cards expiration date is June 30, 2017. Colbert estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows.

Redemption Total

March 31 50 %

April 30 80

June 30 85

Prepare the 2017 journal entries related to the gift cards at March 1, March 31, April 30, and June 30

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