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Business, 04.07.2020 01:01 braddypeter61
Regal Department Store sells gift certificates, redeemable for merchandise, that expire 1 year after their issuance. Regal has the following information pertaining to its gift certificates sales and redemptions:
Unredeemed at 12/31/Year 1
$ 75,000
Year 2 sales
250,000
Year 2 redemptions of prior-year sales
25,000
Year 2 redemptions of current-year sales
175,000
Regal's experience indicates that 10% of gift certificates sold will not be redeemed. In its December 31, Year 2, balance sheet, what amount should Regal report as unearned revenue?
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Regal Department Store sells gift certificates, redeemable for merchandise, that expire 1 year after...
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