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Vail is one of the largest ski resorts in the United States. Suppose that on...

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Accounting

Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail sells gift cards (lift passes) for $100,000. The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $20,000 in December, $30,000 in January, $25,000 in February, and $15,000 in March.

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