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