On January 1, 2020, Lesley Benjamin signed an agreement, covering 5 years, to operate as a...
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Prepare journal entries for Pronghorn for 2020-related revenue for this franchise arrangement, assuming that in addition to the franchise rights, Pronghorn also provides 1 year of operational consulting and training services, beginning on the signing date. These services have a value of $4,000.
Repeat the requirements for part (a), assuming that Pronghorn must provide services to Benjamin throughout the franchise period to maintain the franchise value.
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On January 1, 2020, Lesley Benjamin signed an agreement,
covering 5 years, to operate as a...
Exercise 18-39 On January 1, 2020, Lesley Benjamin signed an agreement, covering 5 years, to operate...
Exercise 18-39
On January 1, 2020, Lesley Benjamin signed an agreement,
covering 5 years, to operate as a franchisee of Bonita Inc. for an
initial franchise fee of $51,000. The amount of $11,000 was paid
when the agreement was signed, and the balance is payable in five
annual payments of $8,000 each, beginning January 1, 2021. The
agreement provides that the down payment is nonrefundable and that
no future services are required of the franchisor once the
franchise commences operations...
E18-39 (LO8) (Franchise Fee, Initial Down Payment) On January 1, 2017, Lesley Benjamin signed an agreement,...
E18-39 (LO8) (Franchise Fee, Initial Down Payment) On January 1, 2017, Lesley Benjamin signed an agreement, covering 5 years, to operate as a franchisee of Campbell Inc. for an initial franchise fee of $50,000. The amount of $10,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $8,000 each, beginning January 1, 2018. The agreement provides that the down payment is nonrefundable and that no future services are required of the franchisor...
On January 1, 2020, Lesley Benjamin signed an agreement, covering 5 years, to operate as a...
On January 1, 2020, Lesley Benjamin signed an agreement, covering 5 years, to operate as a franchisee of Pearl Inc. for an initial franchise fee of $36,000. The amount of $11,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $5,000 each, beginning January 1, 2021. The agreement provides that the down payment is nonrefundable and that no future services are required of the franchisor once the franchise commences operations on April...
On January 1, 2017, Lesley Benjamin signed an agreement, covering 5 years, to operate as a...
On January 1, 2017, Lesley Benjamin signed an agreement,
covering 5 years, to operate as a franchisee of Coronado Inc. for
an initial franchise fee of $64,000. The amount of $13,000 was paid
when the agreement was signed, and the balance is payable in five
annual payments of $10,200 each, beginning January 1, 2018. The
agreement provides that the down payment is nonrefundable and that
no future services are required of the franchisor once the
franchise commences operations on April...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK Ltd. for an initial franchise fee of $150,000. Of this amount, $30,000 was paid when the agreement was signed, and the balance is payable in 6 annual payments of$20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 6 annual...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK Ltd. for an initial franchise fee of $150,000. of this amount, $30,000 was paid when the agreement was signed, and the balance is payable in 6 annual payments of$20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 6 annual...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK Ltd. for an initial franchise fee of $150,000. Of this amount, $30,000 was paid when the agreement was signed, and the balance is payable in 6 annual payments of$20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 6 annual...
1. On January 1, 2017, Bridgeport signed an agreement to operate as a franchisee of Hsian Copy Se...
1. On January 1, 2017, Bridgeport signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $50,000. of this amount, S10,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of S10,000 each, beginning January 1, 2018. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 2017 of the...
information concerning Martinez Corporation’s intangible assets is as follows 1.On January 1, 2020, Martinez signed an...
information concerning Martinez Corporation’s intangible assets
is as follows
1.On January 1, 2020, Martinez signed an agreement to operate as
a franchisee of Hsian Copy Service, Inc. for an initial franchise
fee of $77,500. Of this amount, $15,500 was paid when the agreement
was signed, and the balance is payable in 4 annual payments of
$15,500 each, beginning January 1, 2021. The agreement provides
that the down payment is not refundable and no future services are
required of the franchisor....
Information concerning Sheffield Corporation's intangible assets is as follows. 1. On January 1, 2020, Sheffield signed...
Information concerning Sheffield Corporation's intangible assets is as follows. 1. On January 1, 2020, Sheffield signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the...
Exercise 18-39
On January 1, 2020, Lesley Benjamin signed an agreement,
covering 5 years, to operate as a franchisee of Bonita Inc. for an
initial franchise fee of $51,000. The amount of $11,000 was paid
when the agreement was signed, and the balance is payable in five
annual payments of $8,000 each, beginning January 1, 2021. The
agreement provides that the down payment is nonrefundable and that
no future services are required of the franchisor once the
franchise commences operations...
On January 1, 2020, Lesley Benjamin signed an agreement, covering 5 years, to operate as a franchisee of Pearl Inc. for an initial franchise fee of $36,000. The amount of $11,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $5,000 each, beginning January 1, 2021. The agreement provides that the down payment is nonrefundable and that no future services are required of the franchisor once the franchise commences operations on April...
On January 1, 2017, Lesley Benjamin signed an agreement,
covering 5 years, to operate as a franchisee of Coronado Inc. for
an initial franchise fee of $64,000. The amount of $13,000 was paid
when the agreement was signed, and the balance is payable in five
annual payments of $10,200 each, beginning January 1, 2018. The
agreement provides that the down payment is nonrefundable and that
no future services are required of the franchisor once the
franchise commences operations on April...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK Ltd. for an initial franchise fee of $150,000. of this amount, $30,000 was paid when the agreement was signed, and the balance is payable in 6 annual payments of$20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 6 annual...
1. On January 1, 2017, Bridgeport signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $50,000. of this amount, S10,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of S10,000 each, beginning January 1, 2018. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 2017 of the...
information concerning Martinez Corporation’s intangible assets
is as follows
1.On January 1, 2020, Martinez signed an agreement to operate as
a franchisee of Hsian Copy Service, Inc. for an initial franchise
fee of $77,500. Of this amount, $15,500 was paid when the agreement
was signed, and the balance is payable in 4 annual payments of
$15,500 each, beginning January 1, 2021. The agreement provides
that the down payment is not refundable and no future services are
required of the franchisor....
Information concerning Sheffield Corporation's intangible assets is as follows. 1. On January 1, 2020, Sheffield signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the...
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