Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor receives $$770,000$ in exchange for satisfying the following separate performance obligations: $(1)$ franchisees have a five$-$year right to operate as a Monitor Muffler retail establishment in an exclusive sales territory, $(2)$ franchisees receive initial training and certification as a Monitor Mechanic, and $(3)$ franchisees receive a Monitor Muffler building and necessary equipment. The stand$-$alone selling price of the initial training and certification is $$18,400,$ and $$586,000$ for the building and equipment. Monitor estimates the stand$-$alone selling price of the five$-$year right to operate as a Monitor Muffler establishment using the residual approach.Monitor received $$92,000$ 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.