Sweet Universe charges an initial franchise fee of $306,000. Upon the signing of the agreement, a payment of $34.000 is due Thereafter, 5 annual payments of $54.400 are required. The credit rating of the franchisee is such that it would have to pay interest at 9% to borrow money. The franchise agreement is signed on August 1, 2020, and the franchise commences operation on October 1, 2020. Click here to view factor table. Prepare the journal entries in 2020 for the franchisor under the following assumptions. No future services are required by the franchisee once the franchise starts operations. (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 for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places eg. 58,971.) Date Account Titles and Explanation Debit Credit Aug. 1.2020 Cash 34000 Notes Receivable 272000 Discount on Notes Recevable 60403 Unearned Franchise Revenue 245597 Oct 1, 2020 Unearned Franchise Revenue 245597 Franchise Revenue 245597 Dec 31, 2020 V The franchisor has substantial services to perform, once the franchise begins operations, to maintain the value of the franchise. (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 for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places eg. 58,971.) Date Account Titles and Explanation Debit Credit The total franchise fee includes training services (with a value of $7,800) for the period leading up to the franchise opening and for 2 months following opening (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 for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to O decimal places eg. 58,971.) Date Account Titles and Explanation Debit Credi Aug. 1, 2020 Oct. 1.2020