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What amount should bull report as royalty revenue

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Reference no: EM133169404

Question - In 2012, Bull Corp. sold a comic strip to Fantasy, Inc. and will receive royalties of 20% of future revenues associated with the comic strip. At December 31, 2013, Bull reported royalties receivable of P112,500 from Fantasy. During 2014, Bull received royalty payments of P300,000. Fantasy reported revenues of P2,250,000 in 2014 from the comic strip. In its 2014 income statement, what amount should Bull report as royalty revenue?

Reference no: EM133169404

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