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6 store records $153000 cash sales of gift cards in year 1. Customers redeemed 40%...

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Accounting

6

store records $153000 cash sales of gift cards in year 1. Customers redeemed 40% of the gift cards to purchase merchandise in yr 1. Store estimates breakage at 8% and uses the proportional method to estimate breakage revenue. How much breakage revenue should be recorded at end of year 1?

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