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How much gift card revenue should bulleye recognize

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Bull'sEye sells gift cards redeemable for Bull'sEye products either in-store or online. During 2021, Bull'sEye sold $2,500,000 of gift cards, and $2,300,000 of the gift cards were redeemed for products. As of December 31, 2021, $160,000 of the remaining gift cards had passed the date at which Bull'sEye concludes that the cards will never be redeemed.

Problem 1: How much gift card revenue should Bull'sEye recognize in 2021?

Reference no: EM132838387

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