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 $106,000. 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 $20,600 in December, $30,600 in January, $25,600 in February, and $15,600 in March. Record the redemption of gift cards in 2025 by preparing a summary entry as of March 31, 2025.