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Flint Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $96,000on April 1, 2017. The franchise grants Flint the right to

Flint Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $96,000on April 1, 2017. The franchise grants Flint the right to sell certain products and services for a period of6years. Prepare Flint's April 1 journal entry and December 31 adjusting entry.

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