Book value of assets (compustat at) minus book value of equity plus market value of equity (compustat prcc f × csho) divided by book value of assets (compustat at). book value of equity is de ned as stockholder's equity (compustat seq) minus preferred stock plus balance-sheet deferred taxes and investment tax credit (compustat txditc). if data item txditc is missing, it is set to zero. if data item seq is not available, it is replaced by either common equity (compustat ceq) plus preferred stock par value (compustat pstk), or assets (compustat at) − liabilities (compustat lt). preferred stock is preferred stock liquidating value (compustat pstkl) (or preferred stock redemption value (compustat pstkrv), or preferred stock par value (compustat

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?