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What amount be reported as unearned revenue on december

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Reference no: EM132993519

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

Problem 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: EM132993519

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