On January $1,2024,$AutoFix Solutions sold the rights to open a new franchise to Sarah. The franchise agreement is for six years. The contract requires Sarah to pay an initial upfront fee of $$300,000$on January $1,2024,$with a quarterly payment of $$40,000$due on March $31,$June $30,$September $30,$and December $31$of each year from $2024$to $2029.$The contract specifies that the initial fee and the $24$quarterly payments of $$40,000$cover the startup repair equipment $($delivered February $15,2024)$and AutoFix Solutions' services, which include product development and ongoing franchisee support. Additionally, there is a recurring fee equal to $6\%$of Sarah$$s gross franchise sales, payable monthly, to cover marketing and advertising expenses for the franchise. The stand$-$alone price for the equipment is $$480,000.$While there is no separate pricing for product development and ongoing support services, AutoFix Solutions estimates the cost at $$50,000$per year per franchise location, with a typical markup of $25\%$charged to franchisees. AutoFix Solutions has determined that the credit risk rate associated with Sarah is $8\%.$determine the appropriate accounting treatment for a recent franchise sale for the year ended December $31,2024.$prepare the journal entries that would be recorded for the $2024$fiscal year use IFRS.