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How much income will the franchisor recognize

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Question - On August 1, 2018, I'm Yours Inc. entered into franchise agreement with You're Mine franchisee. The initial franchise fees agreed upon is Php 246, 900, of which Php 46, 900 is 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 100 days. Collection of the note is highly uncertain. Out-of-pocket cost of Php 125, 331 and Php 12, 345 were incurred for direct expenses and indirect expenses respectively. Prevailing market rate is 9%. PV factor is 3. 2397. On the fiscal year ended October 31, 2018, how much income will the franchisor recognize?

Reference no: EM133153074

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