Reference no: EM131207213
Frozen Delight, Inc. charges an initial franchise fee of $71,000 for the right to operate as a franchisee of Frozen Delight. Of this amount, $19,000 is collected immediately. The remainder is collected in 4 equal annual installments of $13,000 each. These installments have a present value of $37,959. There is reasonable expectation that the down payment may be refunded and substantial future services be performed by Frozen Delight, Inc. Prepare the journal entry required by Frozen Delight to record the franchise fee. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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: Frozen Delight, Inc. charges an initial franchise fee of $71,000 for the right to operate as a franchisee of Frozen Delight. Of this amount, $19,000 is collected immediately. The remainder is collected in 4 equal annual installments of $13,000 each. ..
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