Sheffield Corporation obtained a franchise from Shamrock Inc. for a cash payment of $216,000 on April...

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Sheffield Corporation obtained a franchise from Shamrock Inc. for a cash payment of $216,000 on April 1, 2025. The franchise grants Sheffield the right to sell certain products and services for a period of 12 years. Prepare Sheffield's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Sheffield Corporation obtained a franchise from Shamrock Inc. for a cash payment of $216,000 on April 1, 2025. The franchise grants Sheffield the right to sell certain products and services for a period of 12 years. Prepare Sheffield's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit