Reference no: EM133180968
Question - Mang Tomas Food Corporation enters into franchise agreement on June 01, 2021 with Mr. Shawarma for a package with a total fee of P500,000. The right granted to operate the business is 4 years. The terms of payment provide that a down payment of P180,000 shall be paid and balance is payable annually in 4 years. Mr. Shawarma issued an 8% non-interest-bearing note for the balance (NOTE: Round off the Present Value factor to 5 decimal places). The agreement provides for a royalty payment of 2% of the monthly gross sales.
The total fee of P500,000 includes the following with their stand-alone selling prices:
Right to trade name and market area P 250,000
Machinery and Equipment including food stall (cost: P80,000) 100,000
Site Location; Feasibility Studies; Training and other services 50,000
All services inclusive in the package were performed as of October 30, 2021 while the equipment was installed only on January 01, 2022. The franchise commenced operations on January 02, 2022. Total gross sales in 2022 amounted to P1,500,000.
If Mang Tomas Food Corporation satisfied the obligation at point in time as when Mr Shawarma has obtained control of the rights, how much revenue shall be recognized in December 31, 2021 by applying IFRS 15?
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