on January 1, 2020, Lesley Benjamin signed an agreement, covering 5 years, to operate as a franchise of Buffalo Inc. for an initial franchise fee of $41,000. The amount of $12,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $5,800 each, beginning January 1, 2021. 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, 2020. Lesley Benjamin's credit rating indicates that she can borrow money at 99 for a loan of this type Click here to view factor table Prepare journal entries for Buffalo for 2020-related revenue for this franchise arrangement. (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 accountries and enter for the amounts. Round present value factor calculations to 5 decimal place, 01.25124 and the final answer to O decina placu SR 071.) Date Jan 1, 2020 12000 Account Titles and Explanation Cash Notes Receivable Discount on Notes Receiva 29000 Uneamed Franchise Reven Apr 1, 2020 Unearned Franchise R Franchise Revenue Discount on Notes Receiva Dec 31, 2020 interest Revenue