Reference no: EM132762179
Question - On January 1, 2020, BEAUTY Corp. granted a franchise to MR. LEE with an initial franchise fee of 5,000,000. The terms of payment were 750,000 was considered as down payment and the balance was shouldered by a non-interest bearing note payable in five equal annual installments starting at the end of the year, December 31, 2020. The prevailing rate for similar note was 10 percent (10%). (PV factor for 5 periods is 3.79079). By December 31, 2020, the franchise generated gross sales amounting to 2,500,000. The franchise agreement will expire on December 31, 2024. As part of the franchise agreement the following were also agreed upon:
BEAUTY CORP will allow MR. LEE to use its trade name until the expiration of the contract and will have a stand-alone selling price of 500,000.
BEAUTY CORP will install and deliver the store equipment and will have a stand-alone selling price of 300,000.
BEAUTY CORP will deliver 10,000 units of merchandise and will have a stand-alone selling price of P200,000.
Continuing fee of 15% based on gross sales as of December 31, 2020, BEAUTY CORP had installed and delivered the equipment, but only 3,500 units of merchandise were delivered.
a) Under PFRS 15, determine the total revenue at December 31, 2020?
b) Under PFRS 15, determine the revenue from initial franchise fees at December 31, 2020?
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