Answer:
1. $163,800
2. Dr Cash	$ 89,000	
Dr Notes receivable $ 671,000
 Cr Deferred revenue $ 760,000
3. $ 607,120
Explanation:
1. Computation of the amount that Monitor would calculate as the stand-alone selling price 
Total amount of franchise agreement	$760,000	
Less: stand-alone selling price of training	$ (18,200)	
Less: stand-alone selling price of building and equip	$ (578,000)	
Stand-alone selling price of five-year right	$163,800	
2. Preparation of journal entry that Monitor would record on July 1, 2016, 
Dr Cash	$ 89,000	
Dr Notes receivable $ 671,000
(760,000-89,000)
 Cr Deferred revenue $ 760,000
3. Calculation for the amount of revenue that Monitor would recognize in the year ended December 31, 2016,
Revenue to be recognised on: 
1st Sep 2021: 
Training	$ 18,200	
Building and Equipment sale	$ 578,000	
31st Dec 2021: 
$163,800/60 Months*4 Months	$ 10,920	
Total Revenue to be recognized	$ 607,120
Note that five-year will give us 60 months (5*12months and September to December will give us 4 months