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Mystic Pizza Company purchases a franchise from NY Pizzeria Inc. for $168,000 on June 1, 2019. The franchise will last 7 years. Required: Record Mystic

Mystic Pizza Company purchases a franchise from NY Pizzeria Inc. for $168,000 on June 1, 2019. The franchise will last 7 years.

Required: Record Mystic Pizzas purchase of the franchise on June 1 and adjusting entry at the end of 2019.

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