Arena advertising: Burger Bills, a national fast food

Arena advertising: Burger Bills, a national fast food restaurant, purchases advertising rights to advertise in-ice during hockey games at Jensen Arena. Recall that Jensen Arena is still owned by the town of Springfield. In exchange for $60,000 per season, Burger Bills’s logo will be displayed in the center ice for all games held at the Arena for 2 consecutive seasons. Burger Bill must pay for this rights at the beginning of each season. Four logos are displayed in the center ice at any given time., and Burger Bill’s logo will be displayed per the contract in the upper-right location.

1.You will need to decide if the agreement meets the scope of the lease topic before you will decide how it should be recognized. 

2. How should Burger Bills account for the advertising rights? 

3. How should Jensen Arena account for the advertising rights? Note: This question I asked you before and somebody answered with journal entry back, but this question is an accounting research and is not necessarily required a journal entry, but it is required an appropriate related Codification citation paragraph to support each answer specially, (scope and recognition).