Flounder Corporation obtained a franchise from Shamrock Inc. for a cash payment of $134,400 on April 1, 2020. The franchise grants Flounder the right to sell certain products and services fr a period of 12 years. Prepare Flounder'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 for the amounts.) Date Account Titles and Explanation Debit Credit