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How would misleading co recognize revenue

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Problem 1: On November 1, 20x1, FALLACIOUS Co. obtained franchise rights from MISLEADING Co. The initial franchise fee included consideration for equipment to be delivered to FALLACIOUS. The separate consideration reflects the stand alone selling price of the equipment. All the necessary preparations were completed and FALLACIOUS Co. started operations on January 31, 20x2. The equipment was delivered to FALLACIOUS on December 1, 20x1. How would MISLEADING Co. recognize revenue from the supply of the equipment?

a. in full on November 1, 20x1

b. in full on December 1, 20x1

c. in full on January 31, 20x2
d. deferred and amortized over the franchise term starting January 31, 20x2

Problem 2: According to PFRS 15, revenue is measured

a. at the fair value of the consideration received or receivable in the contract.

b. at the amount of transaction price allocated to the performance obligation that is satisfied.

c. at the stand-alone selling price of the promised good or service in the contract.

d. any of these

Reference no: EM132891172

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