Current Attempt in Progress Pronghorn Corporation obtained a franchise from Larkspur Inc. for a cash payment of $124,800 on April 1, 2020. The franchise grants Pronghorn the right to sell certain...

Extracted text: Current Attempt in Progress Pronghorn Corporation obtained a franchise from Larkspur Inc. for a cash payment of $124,800 on April 1, 2020. The franchise grants Pronghorn the right to sell certain products and services for a period of 8 years. Prepare Pronghorn'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.) Date Account Titles and Explanation Debit Credit