On January 1, 2025, Laura Allen signed an agreement, covering 5 years, to operate as a franchisee of Wildhorse Inc. for an initial franchise fee of $43,000. The amount of $10,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $6,600 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. Laura Allen's credit rating indicates that she can borrow money at 12% for a loan of this type. Prepare journal entries for Wildhorse for 2025-related revenue for this franchise arrangement, assuming that in addition to the franchise rights, Wildhorse also provides 1 year of operational consulting and training services, beginning on the signing date. These services have a value of $2,900.