Edmond Company purchased a franchise from the Yummy Food Company for $450,000 on January 1, 2007. The franchise is for an indefinite time period and gives Edmond Company the exclusive rights to sell Yummy Wings in a particular territory. For the journal entries to record the acquisition of the franchise and any necessary adjusting entry at year end on December 31, 2007, state the accounts involved, the type of account, if it is increasing or decreasing, the amount it is changing, and which statement it affects