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Pasta Inn charges an initial fee of P1,600,000 for a franchise, with P320,000 paid when the agreement is signed and the balance in four annual payments. The present value of the annual payments, discounted at 10%, is P1,014,000. The franchisee has the right to purchase P60,000 of kitchen equipment and supplies for P50,000. An additional part of the initial fee is for advertising to be provided by Pasta Inn during the next five years. The value of the advertising is P1,000 a month. Collectibility of the payments is reasonably assured and Pasta Inn has performed all the initial services required by the contract.
Problem 1: How much revenue from franchise fee be recognized when the agreement is signed?
a. Zero.
b. P1,590,000
c. P1,264,000
d. P1,600,000
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