Question: Colbertsells 20 non-refundable $100gift cards for 3-D printer plastic on March 1, 2020. The plastic has a stand-alone selling price of $100(cost $80). The gift

Colbertsells 20 non-refundable $100gift 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.Colbertestimates 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

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