Pizza Factory enters into a franchise agreement on $11/1/21$ giving Blossom's House the right to operate as a franchisee of Pizza

Factory for $5$ years. The initial franchise fee is $$139000.$ Of this amount, $$44400$ is payable when Blossom's House signs the

agreement, and the balance is payable in five annual payments of $$12100$ each on $12/31.$ Pizza Factory helps locate the site, negotiate

the lease or purchase of the site, supervise the construction activity, and provide employee training and the equipment necessary to be

a distributor of its products. Similar training services and equipment are sold separately. Blossom's House also promises to pay

ongoing royalty payments of $1\%$ of its annual sales $($payable each January $31$ of the following year$)$ and is obliged to purchase products

from Pizza Factory at its current standalone selling prices at the time of purchase. The credit rating of Blossom's House indicates that

money can be borrowed at $8\%.$ The present value of an ordinary annuity of five annual receipts of $$12100$ each discounted at $8\%$ is

$$48312.$ Training services and equipment are distinct because similar services and equipment are sold separately. Pizza Factory

satisfies those performance obligations when it transfers the services and equipment to Blossom's House. The values assigned to the

performance obligations are:

Rights made to the trade name, market area, and proprietary know$-$how $$44400$

Training is completed in November and December $2021,$ the equipment is installed in December $2021,$ and Blossom's House holds a

grand opening on January $2,2022.$ What amount of revenue should Pizza Factory recognize at $\frac{11}{1}\frac{?}{21}?$