Sarasota Corporation obtained a franchise from Metlock Inc. for a cash payment of $187.200 on April 1, 2020. The franchise grants Sarasota the right to sell certain products and services for a period of 12 years. Prepare Sarasota's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit