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Find what amount be reported as unearned revenue on dec

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Regal Company sells gift certificates, redeemable tor store merchandise. The gift certificates have no expiration date.

The entity has the following information pertaining to the gift certificate sales and redemptions:

Unearned revenue on January 1, 2020 750,000

2020 sales 2,500,000

2020 redemptions of prior year sales 250,000

2020 redemptions of current year sales 1,750,000

Question 1: What amount should be reported as unearned revenue on December 31, 2020?

a. 1,250,000

b. 1,125,000

c. 1,000,000

d. 500,000

Reference no: EM132786922

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