$($b$)$

Blossom Company purchased a franchise from the Cullumber Food Company for $$576,000$ on January $1,2025.$ The franchise is

for an indefinite time period and gives Blossom Company the exclusive rights to sell Tasty Wings in a particular territory.

Prepare the journal entry to record the acquisition of the franchise and any necessary adjusting entry at year$-$end on December

$31,2025.($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are

automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Cre