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What amount should be reported as deferred service

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Brandon Company sells equipment service contracts that cover a two-year period. The sale price of each contract is P600. The past experience is that, of the total pesos spent for repairs on service contracts 40% is incurred evenly during the first contract year and 60% evenly during the second contract year. The entity sold 1,000 contracts evenly throughout 2020.

Problem 1: What is the contract revenue for 2020?

Problem 2: What amount should be reported as deferred service revenue on December 31, 2020?

Problem 3: What is the contract revenue for 2021?

Problem 4: What is the contract revenue for 2022?

Reference no: EM132663491

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