On January 2, 2019, Frazier Company purchased a restaurant franchise for $85,000. The terms of the franchise

Question:

On January 2, 2019, Frazier Company purchased a restaurant franchise for $85,000. The terms of the franchise agreement allowed Frazier to have exclusive rights to operate a restaurant under the ''Simply Fried'' brand name for the next 10 years.
Required:
Prepare any journal entries related to the franchise that Frazier should make during 2019?