how to come up with this??????????please help me.....number 6 only...........the other photo is just supporting details.... non-cancellable. The license is transferred to the coperate using its trade name and has the discretion ofof P10,000 per month. The contract does not include any otherderationOn December 31, 20x1, Mr. Eugene H. Krabs Co. enters into a4. The license provides Plankton rights over Mr. Krabs' patented(excluding interest revenue) wilgoods or services to be provided by Feedback. The contract iecontract with Sheldon J. Plankton Co. to transfer a license for aJanuary 1, 20x1. The appropriate discount rate is 12%. Hove80% in 4 equal annual installments starting December 31, 20x2secret formula for a burger patty. Plankton continues toprovidingcustomerFeedback recognize in 20x1?120,000much contract revenuec. 202,806d. 212,434a.b. 240,000(IFRS 15.IE303-306 - Adapted)Use the following information for the next four questions:afixed fee of P100,000 payable as follows:signingof contract.20%uponThe appropriate discount rate is 12%.developing a new product name for the products it wllproduce using the secret formula. The license does notexplicitly require Mr. Krabs to undertake activities that willsignificantly affect the intellectual property to which Planktonhas rights. Neither does Plankton expect that Mr. Krabs willundertake such activities. Mr. Krabs provides the secretformula to Plankton on December 31, 20x1. How muchcontract revenue will Krabs recognize in 20x1?a. 60,747b. 79,132c. 80,747d. 05. The license provides Plankton rights over Mr. Krabs' patenteusecret formula for a burger patty. The agreement requie nchisor405Actbound by the terms of the contract to abide with Mr. Krabs'Mr. Krabs trade name for a period of four years. Plankton isPlankton to discontinue using its trade name and instead useexchange forconsiderationude any otherhe contract isolicies on the use of the secret formula but is given the rightn any subsequent modifications to the secret formula. Mr.Krabs provides the secret formula to Plankton on December31. 20x1. How much contract revenue will Krabs recognize incustomer onis 12%. Howvenue) will20x1?a. 20,187b. 60,747c. 80,747d. 06. Using the information in the immediately following item, howmuch total revenue will Krabs recognize in 20x2?c. 80,747ters into acense for aa. 20,187b. 27,477d. 0Plankton rights over Mr. Krabs' trademark

On 31.12.20x1, Krabs co. entered into agreement for license transfer with Plankton co. Fixed fees =…

Answered: 6. Using the information in the…

6. Using the information in the immediately following item, how much total revenue will Krabs recognize in 20x2? a. 20,187 b. 27,477 c. 80,747 d. 0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 6C: On October 1, 2019, Grahams WeedFeed Inc. signs a contract to maintain the grounds for BigData Corp....

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