Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor receives $690,000 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 $16,800, and $522,000 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 $84,000 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. 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? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field Journal entry worksheet Record the sale of a franchise to Dan Perkins on July 1, 2024. Note: Enter debits before credits. 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