Green Inc. granted a franchise to Goblin Inc. to operate its registered business of barbershop. The contract was signed on January 1, 2020 with initial franchise fee of P500,000 payable in P200.000 cash and the balance in five equal semi-annual installments every June 30 and December 31. The noninterest bearing promissory note (reasonably assured) has implicit rate of 10% (PV Factor-4.32948). The contract provides that Goblin Inc. shall pay a contingent franchise fee equal to 5% of the revenue from the barber shop. Goblin Inc. reported a revenue in the amount of P100.000 during 2020. Green Inc. has substantially performed all the services required under the franchise contract. What is the total income to be recognized by Green Inc. for the year ended December 31, 2020? On January 1, 2020, a franchisor entered into a franchise agreement with a franchisee. The contract requires the franchisee to pay a non-refundable upfront fee of P900,000 at the date of contract signing and on-going royalty equivalent to 10% of franchisee's sales revenue. On January 1, 2020, the franchisee paid the non-refundable upfront fee of P900,000. The franchise agreement requires the franchisor to render the following separate and distinct performance obligations: Construction of franchisee's stall with stand-alone selling price of P500,000. Delivery of 10,000 units of raw materials to franchisee with stand-alone selling price of P300,000. Allowing the franchisee to use the franchisor's tradename and trademark for a maximum period of 10 years counted from the date of signing of contract with stand-alone selling price of P200,000. On July 1, 2020, the franchisor completed the construction of the franchisee's stall which allowed the franchisee to start its operation. As of December 31, 2020, the franchisor was able to deliver 2.000 unit of raw materials to the franchisee. For the year ended December 31, 2020, the franchisee reported sales revenue of P400.000. 2. What is the total revenue to be reported by the franchisor for the year ended December 31, 2020 3. What is the unearned revenue to be reported by the franchisor on December 31, 2020