Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor recelves $710,000 in exchange for satisfying the following separate performance obligations: (1) franchisees have a five-year right to operate as a Monitor Muffler retall establishment in an exclusive sales territory. (2) franchisees recelve initial training and certification as. a Monitor Mechanic, and (3) franchisees recelve a Monitor Muffler buliding and necessary equipment. The stand-alone selling price of the initial training and certification is $17,200, and $538,000 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 recelved $86,000 on July 1, 2024. from Perkins and accepted a note recelvable for the rest of the franchlse price. Monitor will construct and equip Perkins's bullding 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: 1. What amount would Monitor calculate as the stand-alone selling price of the five-year fight to operate as a Monitor Muffler retall establishment? 2. What journal entry would Monitor record on July 1, 2024, to reflect the sale of a franchise to Dan Perkins? 3. How much revenue would Moritor recognize in the year ended December 31,2024 , with respect to its franchise arrangement with Petkins? (ignore any interest on the note recelvable.) Complete this question by entering your answers in the tabs below, How much revenue would Monitor recoonize in the year ended December 31, 2024, with respect to its franchise arrangement With Peikins? (Ignore any interest on the note receivable.) Note: Do not round intermediate colsulations