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Find what did johnny acquire the rights to

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It is August 31, 2020. Johnny has acquired the sole importing rights to sell exclusive food from Malaysia. He can introduce this food by early 2021. He paid 7500 in the fiscal year of 2020 for these rights which will expire in 2025. The resale value for these rights are 9800. Since he is practicing preparing the food, he will delay introducing the food until 2021.

Problem 1: What (journal entry title) did Johnny acquire the rights to? (eg. copyright, license, patent)

Problem 2: What journal entries need to be made with this information? (9800 price, etc.)

Reference no: EM132755446

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