Frozen Delight, Inc. charges an initial franchise fee of $75,000 for the right to operate as a franchisee of Frozen Delight. Of this amount, $25,000 is collected immediately. The remainder is collected in four equal annual installments $12,500 each. These installments have a present value of $41,402. As part of the total franchise fee, Frozen Delight also provides training (with a fair value of $2,000) to help franchisees get the store ready to open. The franchise agreement is signed on April 1, 2017. training is completed. and the store opens on July 1, 2017. Prepare the journal entry required by Frozen Delight 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 0 for the amounts.) Account Titles and Explanation ' l l l l l l l l l l l July1.2017 | l ' | l l l l l l l I Date Deblt Credit