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Prepare pina april journal entry

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Reference no: EM132529325

Question - Pina Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $115,200 on April 1, 2017. The franchise grants Pina the right to sell certain products and services for a period of 8 years.

Required - Prepare Pina's April 1 journal entry and December 31 adjusting entry.

Reference no: EM132529325

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