1. On December 1, 2021, Bella Co. granted a 5-year franchis

1. On December 1, 2021, Bella Co. granted a 5-year franchise right… 1. On December 1, 2021, Bella Co. granted a 5-year franchise right to Pepper, Inc. for an initial franchise fee of ?400,000. The non-refundable initial franchise fee was collected in full upon signing of the contract. As of December 31, 2021, Bella has no remaining obligation or intent to refund any of the cash received, all of the services pertaining to pre-opening activities to set-up the contract have been performed and there are no other material conditions or obligations required of Bella under the franchise agreement.If the promise to grant the franchise right is distinct and that the grant of franchise provides the customer the right to access the entity’s intellectual property, how much revenue shall Bella recognize in December 2021?a. 6,667.67 b. 0 c. 400,000 d. 80000 2. Using the same info from #1,If the promise to grant the franchise right is distinct and that the grant of franchise provides the customer the right to use the entity’s intellectual property, how much revenue shall Bella recognize in December 2021?a. 6,667.67 b. 0 c. 80,000 d. 400,000 3. Bella Co. was recently awarded a P6,720,000 contact to construct a trade center for Atty. Pepper, Inc. Bella Co. estimated it will take 50 months to complete the contract. The company uses the percentage of completion method to report profits. (Use two decimal places for the percentage of completion, i.e. 72.69%). The following information are the actual and estimated costs from 2018 to 2021.Year                   Actual cost each year       Estimated cost to complete2018                       P3,120,000                          P3,264,0002019                        1,584,000                           1,800,0002020                       1,152,000                            912,0002021                        1,080,000                                      – Using zero-profit method, how much is the realized gross profit (loss) in 2020?a. (48,000) b. (168,000) c. P127,000 d. P48,000 4. Using the same info from #3,Determine the realized gross profit (loss) in 2021.a. P48,000 b. (P168,000) c. (P48,000) c. P127,000Accounting Business Financial Accounting

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