In McDonald's, 2009 10K Report, revenues from franchised restaurants consisted of Rents being $4.8 Million. Future minimum rent payments due to the Company under the existing franchise arrangements in total for all typeof sites is $26.0 billion. This $26.0 billion amount represents the future minimum payments that McDonald's expected to receive from its franchisees as of Dec. 31, 2009.
1. Using the element definition from the conceptual framework, should this $26.0 billion be recorded as am asset in McDonald's 2009 balance sheet? Why or why not?
2. If your answer in part (1) us tesm what measurement attribute should be used in reporting the asset?