Reference no: EM133135826
Question - Assume the following data pertaining to Franchise agreement between Franchisor Mayang and Franchisee Mark at the start of 2017:
Useful life of franchise 12 years
Initial franchise fee 1,200,000
Down payment 300,000
Balance payable in 6 equal installment 150,000
Implicit rate of borrowing 12%
Present value of ordinary annuity of 1 for 6 periods 4.11
The note is a non-interest bearing note
On December 31, 2017, the initial services required of the franchise agreement are substantially performed. The total cost of such services amounted to P229, 125.
Required - Compute the following:
a. On the books of franchisee:
1. Cost of franchise
2. Cash paid on 12/31/17
3. Amortization of franchise, 2017
4. Carrying amount of franchise, 12/31/18
b. On the books of the franchisor:
1. Total cash received by franchisor is 2017
2. Interest income 2017
3. Franchise fee revenue on 12/31/17
4. Gross profit rate
5. Using installment method, realized Gross revenue on 12/31/17
6. Balance of notes receivable on 12/31/18
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