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What is the revenue from franchise to be reported

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Question - On July 1, 2016, Ms. Binay signed an agreement to operate as franchisee of Vikings Manok, Inc. for an initial franhcise fee of P1,000,000. Of this amount, P200,000 was paid upon signing of the franchise agreement and the balance evidence by a 12% promissory note is payable in two annual payments of P400,000 each beginning December 31, 2016. Ms. Binay commenced operations of the franchise on November 2, 2016. The first installment was collected on due date. Assuming the collectability of the note is reasonable assured, what is the revenue from franchise to be reported by Viking's in its December 31, 2016 statement of comprehensive income?

Reference no: EM132522191

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