Escargot Inc. is a 5-star restaurant in Cincinnati. The restaurant sells 500 gift cards during January, Year 1. Each gift card has a face value of $300. The gift cards never expire, although based on industry experience, Escargot expects that 12% of the balances will never be redeemed. During February Year 1, S 45,000 of gift cards are redeemed, and in March Year 1, another $80, 000 is redeemed
Escargot Inc. is a 5-star restaurant in Cincinnati. The restaurant sells 500 gift cards during January, Year 1. Each gift card has a face value of $300. The gift cards never expire, although based on industry experience, Escargot expects that 12% of the balances will never be redeemed. During February Year 1, S 45,000 of gift cards are redeemed, and in March Year 1, another $80, 000 is redeemed. Required: 1. Prepare
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