On January 1, 2017, Lesley Benjamin signed an agreement, covering 5 years, to operate as a franchisee of Pina Inc. for an initial franchise fee of $40,000. The amount of $8,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $6,400 each, beginning January 1, 2018. The agreement provides that the down payment is nonrefundable and that no future services are required of the franchisor once the franchise commences operations on April 1, 2017. Lesley Benjamins credit rating indicates that she can borrow money at 8% for a loan of this type.

Prepare journal entries for Pina for 2017-related revenue for this franchise arrangement, assuming that in addition to the franchise rights, Pina also provides 1 year of operational consulting and training services, beginning on the signing date. These services have a value of $4,400. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)

Jan 1,17	cash	8000
	note receivable	32000
	discount on notes receivable		6447
	unearned service revenue		?
	unearned franchise revenue		?
apr 1, 2017	unearned franchise revenue	?
	unearned service revenue	?
	service revenue		?
	franchise revenue		?
dec 31 2017	unearned service revenue	?
	service revenue		?
	discount on notes receivable	2044
	interest revenue		2044