Blue Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $192,000 on April 1, 2017. The franchise grants Blue the right to sell certain products and services for a period of 12 years. Prepare Blues April 1 journal entry and December 31 adjusting entry

Blue Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $192,000 on April 1, 2017. The franchise grants Blue the right to sell certain products and services for a period of 12 years Prepare Blue's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit