Sheffield Corporation obtained a franchise from Sage Hill Inc, for a cash payment of $96,000 on April 1, 2020. The franchise grants Sheffield the right to sell certain products and services for a period of 8 years. Prepare Sheffeld's April 1 journal entry and December 31 adjusting entry. (Credit occount 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 tities and enter O for the amounts.)