Frozen Delight, Inc. charges an initial franchise fee of $79,300 for the right to operate as a franchisee of Frozen Delight. Of this amount, $25,600 is collected immediately. The remainder is collected in four equal annual installments of $13,425 each. These installments have a present value of $41,960. As part of the total franchise fee, Frozen Delight also provides training (with a fair value of $2,200) to help franchisees get the store ready to open. The franchise agreement is signed on April 1, 2014, training is completed, and the store opens on July 1, 2014. Prepare the journal entries required by Frozen Delight in 2014. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record unearned service revenue for training and franchise separately. Do not combine these amounts.)