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Mystic Pizza Company purchases a franchise from NY Pizzeria Inc. for $96,000 on June 1, 2016. The franchise will last 8 years. Required: Record Mystic

Mystic Pizza Company purchases a franchise from NY Pizzeria Inc. for $96,000 on June 1, 2016. The franchise will last 8 years.

Required:

Record Mystic Pizzas purchase of the franchise on June 1 and adjusting entry at the end of 2016.

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