On January 1, 2025, Elizabeth Davidson signed an agreement, covering 5 years, to operate as a franchisee of Oriole Inc. for an initial franchise fee of $43,000. The amount of $11,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $6,400 each, beginning January 1,2026. 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, 2025. Elizabeth Davidson's credit rating indicates that she can borrow money at 7% for a loan of this type. Click here to view the factor table. (a) Prepare journal entries for Oriole for 2025-related revenue for this franchise arrangement: (Credit account titles are outomatically indented when the amount is entered. Do not indent manualiy if no entry is required, select "No entry" for the occount titles and enter 0 for the amounts. Round present value factor calculations to 5 declmal ploce eg. 1.25124 and the final answer to 0 decimal places eg. 58,971. List all debit entries before credit entries.)