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Determine the transaction price

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Question - Karlu signed a 1-yr contract with Golds Gym with the terms of the contract requires that Karlu pays a non-refundable initiation fee of P2,400 and a membership fee of P600 per month. Based on experience, Golds Gym's patrons renew their membership twice on average before terminating their membership.

a) Determine the transaction price of this arrangement-non-refundable upfront fee.

b) Determine the amount of revenue reported each year.

Reference no: EM133178405

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