Brief Exercise 12-4 Monty Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $96,000 on April 1, 2017. The franchise grants Monty the right to sell certain products and services for a period of 8 years. Prepare Monty'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 Apr. 1 Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT