Ivanhoe Diners Inc. charges an initial franchise fee of $186000 broken down as follows:

Rights to trade name, market area, and proprietary know-how	$82000
Training services	25000
Equipment (cost of $22600)	79000
Total initial franchise fee	$186000

Upon signing of the agreement, a payment of $82000 is due. Thereafter, 2 annual payments of $52000 are required. The credit rating of the franchisee is such that it would have to pay interest of 9% to borrow money. The franchise agreement is signed on August 1, 2021, and the franchise commences operation on November 1, 2021. Assume that the total training fees includes training services for the period leading up to the franchise opening ($11200 value) and for 3 months following opening. The journal entry on August 1, 2021 would include