Deloitte entered into a franchise agreement on 1/1/18. As part of the franchise agreement, Deloitte agreed to provide rights to use its tradename ($40,000 value), training services ($12,000 value), and equipment (worth $35,000). Record the journal entry on 1/1/18 to record a deposit of $43,000. Training services were provided prior to the opening date. The franchise began operations on 5/1/18 - record the journal entry on that date on the books of Deloitte (the franchisor).