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Business, 16.08.2021 23:00 vannaht2003

Culver Corporation obtained a franchise from Splish Brothers Inc. for a cash payment of $180,000 on April 1, 2020. The franchise grants Culver the right to sell certain products and services for a period of 12 years. Prepare Culver's April 1 journal entry and December 31 adjusting entry.

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