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How much gross income will yogurt inc report

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Question - On August 1, 2021, Yogurt Inc. entered into franchise agreement with Mina, a franchisee. The initial franchise fees agreed upon was P246, 900, of which P46, 900 was payable upon signing and the balance to be covered by a noninterest-bearing note payable in four equal annual installments. The down payment is refundable within 90 days. Collection of the note is probable. Out-of-pocket cost of P125, 331 and P12, 345 were incurred for direct expenses and indirect expenses, respectively. Prevailing market rate is 9%. PV factor is 3. 2397. Right to use the franchise starts after the refund period. On the fiscal year ended October 31, 2021, how much gross income will Yogurt Inc report?

a. 36,654

b. 83,554

c. 24,309

d. 71,209

Reference no: EM133186197

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