receives $$630,000$ in exchange for satisfying the following separate performance obligations: $(1)$ franchisees have a five$-$year right to

operate as a Monitor Muffler retail establishment in an exclusive sales territory, $(2)$ franchisees receive initial training and certification

as a Monitor Mechanic, and $(3)$ franchisees receive a Monitor Muffler building and necessary equipment. The stand$-$alone selling price

of the initial training and certification is $$15,600,$ and $$474,000$ for the building and equipment. Monitor estimates the stand$-$alone

selling price of the five$-$year right to operate as a Monitor Muffler establishment using the residual approach.

Monitor received $$78,000$ on July $1,2024,$ from Perkins and accepted a note receivable for the rest of the franchise price. Monitor will

construct and equip Perkins's building and train and certify Perkins by September $1,$ and Perkins's five$-$year right to operate as a

Monitor Muffler establishment will commence on September $1$ as well.

Required:

What amount would Monitor calculate as the stand$-$alone selling price of the five$-$year right to operate as a Monitor Muffler retail

establishment?

What journal entry would Monitor record on July $1,2024,$ to reflect the sale of a franchise to Dan Perkins?

How much revenue would Monitor recognize in the year ended December $31,2024,$ with respect to its franchise arrangement

with Perkins? $($Ignore any interest on the note receivable.$)$

Answer is not complete.

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Required $1$

How much revenue would Monitor recognize in the year ended December $31,2024,$ with respect to its franchise arrangement

with Perkins? $($Ignore any interest on the note receivable.$)$

Note: Do not round intermediate calculations.