all material services have been substantially performed by the schmidt company the r 571537

The Schmidt Company sells a franchise that requires an initial franchise fee of $50,000. A $10,000 down payment is required, with the balance covered by the issuance of a 12% note, payable in four equal installments. All material services have been substantially performed by the Schmidt Company, the refund period has expired, and the collectibility of the note is reasonably assured. The journal entry recorded by Schmidt Company should be