On January 1, 2018 Sandhill Treats, Inc. entered into a franchise agreement with a company allowing the company to do business under Sandhill Treats' name. Sandhill Treats had performed substantially all required services by January 1, 2018, and the franchisee paid the initial franchise fee of exist940000 in full on that date. The franchise agreement specifies that the franchisee must pay a continuing franchise fee of exist80000 annually, of which 10% must be spent on advertising by Sandhill Treats. What entry should Sandhill Treats make on January 1, 2018 to record receipt of the initial franchise fee and the continuing franchise fee for 2018