Peterson Photoshop sold $1,900 in gift cards on a special promotion on October 15, 2021, and sold $2,850 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October, $190 were redeemed in October, $475 in November, and $570 in December. Of the gift cards sold in November, $285 were redeemed in November and $665 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of:

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Unearned revenue acco... View the full answer