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Blossom Delight, Inc. charges an initial franchise fee of $$74,600$ for the right to operate as a franchisee of Blossom Delight. Of this amount, $$25,000$ is collected immediately. The remainder is collected in four equal annual installments of $$12,400$ each. These installments have a present value of $$41,213.$ As part of the total franchise fee, Blossom Delight also provides training $($with a fair value of $$2,000)$ to help franchisees get the store ready to open. The franchise agreement is signed on April $1,2025,$ training is completed, and the store opens on July $1,2025.$

Prepare the journal entries required by Blossom Delight on April $1$ and July $1,2025.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

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Attempts: $0$ of $5$ usedblossom Dellgnt, Inc. charges an Initlal tranchise tee or $3/4,000$ for the rignt to operate as a tranchisee or blossom vellgnt. Or this amount, $$25,000$ is collected immediately. The remainder is collected in four equal annual installments of $$12,400$ each. These installments have a present value of $$41,213.$ As part of the total franchise fee, Blossom Delight also provides training $($with a fair value of $$2,000)$ to help franchisees get the store ready to open. The franchise agreement is signed on April $1,2025,$ training is completed, and the store opens on July $1,2025.$

Prepare the journal entries required by Blossom Delight on April $1$ and July $1,2025.($Credit account titles are automatically indented when 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit