Make the journal entries required by coronado world

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Question 1: Coronado World, Inc. charges an initial franchise fee of $162,000 for the right to operate as a franchisee of Coronado World. Of this amount, $54,000 is collected immediately. The remainder is collected in four equal annual installments of $27,000 each. These installments have a present value of $82,008. As part of the total franchise fee, Coronado World also provides training (with a fair value of $5,100) to help franchisees get the store ready to open. The franchise agreement is signed on March 1, 2017, training is completed, and the store opens on May 1, 2017. The journal entries required by Coronado World in 2017.

Reference no: EM132597321

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