On January $1,2025,$ Sharon Walker signed an agreement, covering $5$ years, to operate as a franchisee of Carla Vista Inc. for an initial franchise fee of $$62,000.$ The amount of $$9,000$ was paid when the agreement was signed, and the balance is payable in five annual payments of $$10,600$ each, beginning January $1,2026.$ The agreement provides that the down payment is nonrefundable and that no future services are required of the franchisor once the franchise commences operations on April $1,2025.$ Sharon Walker's credit rating indicates that she can borrow money at $9\%$ for a loan of this type.Prepare journal entries for Carla Vista for $2025-$related revenue for this franchise arrangement, assuming that in addition to the franchise rights, Carla Vista also provides $1$ year of operational consulting and training services, beginning on the signing date. These services have a value of $$4,000.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and the final answer to $0$ decimal places e$.$g$.58,971.$ List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

Account Titles and Explanation

Debit

Credit

$q,$

$q,$

II

$1$

Unearned Franchise Revenue

$$

$q,$

Notes Receivable

Unearned Service Revenue

$$

$q,$

$q,$

$q,$

Discount on Notes Receivable

$!$

$q,$

$$

Unearned Franchise Revenue $$

Unearned Service Revenue $$

Franchise Revenue $$

Service Revenue $$

$$

$$

$q,$

Discount on Notes Receivable

$q,$