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Question - Vien Inc. granted a franchise to Junnie Inc. to operate its registered business of computer shop. The contract was signed on January 1, 2020 with initial franchise fee of P500,000 payable in P200,000 cash and the balance in five equal semi-annual installments every June 30 and December 31. The non-interest bearing promissory note (reasonably assured) has implicit rate of 10% (PY. Factor = 4.32948). The contract provides that Junnie Inc. shall pay contingent franchise fee equal to 5% of the revenue from the computer shop. Junnie Inc. reported a revenue in the amount of P100,000 during 2020. Vien Inc. has substantially performed all the services required under the franchise contract.
Required -
1. What is the total income to be recognized by Vien Inc. for the year ended December 31, 2020?
2. How much is the Total Franchise Revenue for the year ended December 31, 2020?
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