Identifying Performance Obligations and Recording Revenue from Franchise Rights measure the standalone value of the franchise rights. The bakery opened on June 1. a. How many performance obligations are included in the franchise arrangement? 3 performance obligations b. When does the franchisor recognize revenue for each performance obligation? c. Prepare the journal entries for the Krispy Donuts franchisor on January 1, March 31, April 1, and June 1. d. Assuming the franchisor has a December 31 year-end, prepare any journal entries required on December 31