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Unearned Revenue, which represents the companys obligation to honor gift cards previously issued to customers,...

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Accounting

Unearned Revenue, which represents the companys obligation to honor gift cards previously issued to customers, totaled $5,600 at the beginning of the year and $7,700 at the end of the year. Customers purchased gift cards amounting to $43,000 during the year. What was the amount of gift cards redeemed by customers during the year?

$29,700

$45,100

$56,300

$40,900

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