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Novak Corporation obtained a franchise from Windsor Inc. for a cash payment of $105,600 on April 1, 2020. The franchise grants Novak the right to

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Novak Corporation obtained a franchise from Windsor Inc. for a cash payment of $105,600 on April 1, 2020. The franchise grants Novak the right to sell certain products and services for a period of 8 years. Prepare Novak's April 1 journal entry and December 31 adjusting entry

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