Rapper Jack's Pancake Restaurants Inc. sells franchises for an initial fee of $45,500 plus operating fees of $1450 per month. The initial fee covers site selection, training, computer and accounting software, and on-site consulting and troubleshooting, as needed, over the first five years. On March 15. 2020, Tim Cruise signed a franchise contract, paying the standard $7.900 down with the balance due over five years with interest Assume at March 15, 2020, the time of signing the contract, collection of the receivable was reasonably assured and there were no significant continuing obligations. The journal entry at signing would includes: Multiple Choice O Credit to deferred revenue for $45,500. O Credit to franchise fee revenue for $26,100 C) Credit to deferred revenue for $78,300. C) Credit to franchise fee revenue for $45,500 $ $126 Current liabilities 10. Bonds, long-term Total liabilities Shareholders' equity Common stock Retained earnings Total shareholders' equity Total liabilities and equity 187 Incone before interest and taxes 360 Interest expense 547 Income before tax Income tax 214 Net income 282 $1,043 HHF's long-term debt to equity ratio equity is: Multiple Choice O 168.2% 0 0 0 On December 31, 2020, Coolwear, Inc. had a balance in its prepaid Insurance account of $58.400. During 2021, 596,000 was paid for Insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid Insurance account was $47000. Insurance expense for 2021 was: Multiple Choice O 596,000 O $154,400 O $107.000 O $1.400