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Posted on Jun 25, 2024

Ayayai Corporation obtained a franchise from Kingbird Inc. for a cash payment of $153,600on April 1, 2020. The franchise grants Ayayai the right to sell

Ayayai Corporation obtained a franchise from Kingbird Inc. for a cash payment of $153,600on April 1, 2020. The franchise grants Ayayai the right to sell certain products and services for a period of8years.

Prepare a Ayayai's April 1 journal entry and December 31 adjusting entry.

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