Cheyenne World, Inc. charges an initial franchise fee of $168,000 for the right to operate as a franchisee of Cheyenne World. Of this amount, $56,000 is collected immediately. The remainder is collected in four equal annual installments of $28,000 each. These installments have a present value of $88,756. As part of the total franchise fee, Cheyenne World also provides training (with a fair value of $5,500) to help franchisees get the store ready to open. The franchise agreement is signed on March 1, 2017, training is completed, and the store opens on May 1, 2017. Prepare the journal entries required by Cheyenne World in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date March 1, 2017 May 1, 2017 Account Titles and Explanation Debit Credit