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What revenue masisay should recognize in its financial year

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Reference no: EM133180127

Question - On July 1, 2022, The Masisay Company handed over to a client a new computer system. The contract price for the supply of the system and after sales support for 12 months was P800,000. Masisay estimates the cost of the after-sales support at P120,000 and it normally marks up such costs by 50% when tendering for support contracts. Under PFRS 15, what the revenue Masisay should recognize in its financial year ended December 31, 2022?

a. P620,000

b. P710,000

c. P800,000

d. Nil

Reference no: EM133180127

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