Bridgeport Corporation obtained a franchise from Metlock Inc. for a cash payment of $120,000 on April 1, 2025. The franchise grants Bridgeport the right to sell certain products and services for a period of 6 years. Prepare Bridgeport's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automaticolly 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. List all debit entries before credit entries.)