On December 31, 2021, Entity A enters into a contract with Customer X to transfer a license for a fixed fee of 100,000 payable as follows: 20% is payable upon signing of contract. 80% is represented by a note receivable collectible in 4 equal annual installments starting December 31, 2022. The appropriate discount rate is 12%. The license provides Customer X the right to use Entity As patented processes. Customer X continues to operate using its trade name and has the discretion of developing a new product name for the products it will produce using the patented processes. The license does not explicitly require Entity A to undertake activities that will significantly affect the intellectual property to which Customer X has rights. Neither does Customer X expect that Entity A will undertake such activities. Entity A grants the license to Customer X on December 31, 2021.

Required: How much revenue from the franchise contract will Entity A recognize in 2021?