Hello,

I would appreciate assistance in the attached accounting problem regarding franchise.

In advance, thank you,

Ivanhoe Delight, Inc. charges an initial franchise fee of $75,800 for the right to operate as a franchisee of Ivanhoe Delight. Of this amount, $24,700 is collected immediately. The remainder is collected in four equal annual installments $12,775 each. These installments have a present value of $41,636. As part of the total franchise fee, Ivanhoe 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 Ivanhoe 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.) Date Account Titles and Explanation Debit Credit April 1, 2017 July 1, 2017 Click if you would like to Show Work for this question: Open Show Work