On January 1, 2021 Ivanhoe Treats, Inc. entered into a franchise agreement with a company allowing the company to do busine under Ivanhoe Treats' name. Ivanhoe Treats had performed substantially all required services by January 1, 2021, and the frand paid the initial franchise fee of $880000 in full on that date. The franchise agreement specifies that the franchisee must pay a continuing franchise fee of $74000 annually, of which 10% must be spent on advertising by Ivanhoe Treats. What entry should I Treats make on January 1, 2021 to record receipt of the initial franchise fee and the continuing franchise fee for 2021? Cash Unearned Franchise Revenue Cash Franchise Fee Revenue Franchise Revenue 954000 954000 954000 880000 74000 Prepaid Advertising 7400 Cash 954000 Franchise Fee Revenue 880000 Franchise Revenue 74000 Unearned Franchise 7400 Revenue Cash 954000 Franchise Fee Revenue 880000 Revenue Franchise 66600 Unearned Franchise 7400 Revenue