Select the statement that indicates Tina's company is a partnership. Tina Jones is a dancer specializing in Latin dance styles. She always wanted to have her own dance studio where she could teach dancing to
young and old alike. In 2006, she opened her first dance studio, Electric Diva, in Madison Triangle. it was great choice as a business location
because it's well-connected by highways to most places in the city. She leased the space for three years. Her initial investment included a good
sound system, cheerful interior design, and strong flooring. TO raise capital for the business, Tina turned to her brother-in-law, Philip. Philip
made half the financial investment. He manages the accounts and social media needs of the business. He has a 30% share in Trisha's business.
Together, they expanded the business to three dance studios in the city and plan to open franchises in other cities.

Circuittown commenced a gift card program in january 2018 and sold $12,150 of gift cards in january, $19,150 in february, and $18,100 in march of 2018 before discontinuing further gift card sales. during 2018, gift card redemptions were $7,850 for the january gift cards sold, $4,350 for the february cards, and $4,250 for the march cards. circuittown considers gift cards to be “broken” (not redeemable) 10 months after sale. required: 1. how much revenue will circuittown recognize with respect to january gift card sales during 2018? 2. prepare journal entries to record the sale of january gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. how much revenue will circuittown recognize with respect to march gift card sales during 2018? 4. what liability for deferred revenue associated with gift card sales would circuittown show as of december 31, 2018?