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In: AccountingDon Jackson paid Hungry Hannah’sHamburgers $54,000 for the right to operate a fast-food restaurantin...Don Jackson paid Hungry Hannah’sHamburgers $54,000 for the right to operate a fast-food restaurantin Thomasville under the Hungry Hannah’s name. Jackson also agreedto pay an operating fee of 0.5% of sales for advertising and otherservices rendered by Hungry Hannah’s. Jackson began operations onJanuary 2, 2011. Sales for 2011 amounted to $540,000. The finiteuseful life of the franchise is 40 years.Give the entries to record the paymentof the $54,000 and to record expenses incurred relating to theright to use the Hungry Hannah’s name.
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