On January 1, 2025, Linda Jone signed an agreement, covering 5 years, to operate as a franchisee of Cullumber Inc. for an initial franchise fee of $55,000. The amount of $8,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $9,400 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. Linda Jone's credit rating indicates that she can borrow money at 11% for a loan of this type. Click here to view the factor table. (a) Prepare journal entries for Cullumber for 2025-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 account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 1, 2025 Cash Notes Receivable Revenue from Long-Term Contracts Debit 8,000 29,163 Crec