Question: U - Drive sold 5 , 0 0 0 gift cards for $ 5 0 apiece in May 2 0 2 4 for graduating college

U-Drive sold 5,000 gift cards for $50 apiece in May 2024 for graduating college seniors. The gift cards expire on 12/31/2025. Customers redeemed $160,000 for U-Drive services in 2024. Management expects that 20% of total sold gift card amounts collected will not be redeemed after 12/31/2024. For both the truck deposits (in problem 1 above) and the gift cards, how much in current liabilities will U-Drive report in its 12/31/2024 balance sheet?

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