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CircuitTown commenced a gift card program in January 2013 and sold $12,900 of gift cards in January, $19,950 in February, and $19,800 in March of 2013 before discontinuing further gift card sales. During 2013, gift card redemptions were $8,400 for the January gift cards sold, $5,700 for the February cards, and $5,550 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. (Assume that gift-card sales occur halfway through each month on average.) (March gift cards will expire on January, 15, 2014.)

  1. How much revenue will CircuitTown recognize with respect to March gift card sales during 2013?
  2. What liability for unearned revenue associated with gift card sales would CircuitTown show as of December 31, 2013?

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