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What amount should walnut report as unearned revenue

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Problem 1: WALNUT Department Store sells gift certificates, redeemable for store merchandise that expires one year after their issuance. WALNUT has the following information pertaining to its gift certificates sales and redemptions: Unearned at December 31, 2020 - ?600,000; 2021 sales - ?2,000,000; 2021 redemptions of prior-years sales -?200,000; 2021 redemptions of current-year sales-?1,400,000. In its December 31, 2021 statement of financial position, what amount should WALNUT report as unearned revenue?

Option 1: ? 800,000

Option 2: ? 1,000,000

Option 3: ? 400,000

Option 4: ? 600,000

Reference no: EM132998711

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