Brief Exercise $6-27($Static$)$ Timing of revenue recognition; franchises $[$LO$6-7]$

TopChop sells hairstyling franchises. TopChop receives $$50,000$ from a new franchisee for providing initial training, equipment, and furnishings that have a stand$-$alone selling price of $$50,000.$ TopChop also receives $$30,000$ per year for use of the TopChop name and for ongoing consulting services $($starting on the date the franchise is purchased$).$ Carlos became a TopChop franchisee on July $1,2024,$ and on August $1,2024,$ had completed training and was open for business.

How much revenue in $2024$ will TopChop recognize for its arrangement with Carlos?