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How much of the deferred revenue should be reported in may

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Problem 1: On May 1, 2010, JFC Inc., a franchisor, entered into a franchise agreement with Goldilocks, a franchisee. The total franchise fees agreed upon is $11,900,000 of which $5,000,000 is payable upon signing and the balance payable in three annual payments. It was agreed that the down-payment is nonrefundable, not withstanding the lack of substantial performance of services by franchisor. How much of the deferred revenue should be reported in the May 1, 2010 financial statements of JFC Inc.?

Reference no: EM132942821

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