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How much is the net income for year ended november

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On August 31, 2016 Daddy Co entered into a franchise agreement with Mommy Co. The franchise fee is 7,000,000; of which 3,400,000 is payable upon signing the contract and the balance to be covered by a 12% interest bearing note payable in five equal annual installments starting December 31, 2016. Daddy incurred initial services amounting to 3,648,400 and indirect costs of 200,000. The collectability of the note is not reasonably assured. Continuing franchise fees of 5% is to be monthly by Mommy Co based on their monthly sales. The franchisee's operations commenced on September 30, 2016 and gross sales for the first months amounted to 2,300,000.

Question 1: How much is the net income for its year ended November 30, 2016?

Reference no: EM132594254

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