Question: pls show steps 2. Revenue Recognition (14 points) Colbert Co. follows IFRS. The firm sells 50 non-refundable $200 gift cards for Funfair Tour on January

pls show steps

2. Revenue Recognition (14 points) Colbert Co. follows IFRS. The firm sells 50 non-refundable $200 gift cards for Funfair Tour on January 1, 2020. It has a stand-alone selling price of $200 (cost $120). 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 30% 50% February 29 March 31 May 31 June 30 85% 90% Required: Prepare the 2020 journal entries related to the gift cards at January 1, February 29, March 31, May 31, and June 30

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