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Brief Exercise 12-4 Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash...

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Accounting

Brief Exercise 12-4

Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $184,800 on April 1, 2014. The franchise grants Gershwin the right to sell certain products and services for a period of 11 years. Prepare Gershwins April 1 journal entry and December 31 adjusting entry

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