15. 3 points Mila's Lechon, Inc. franchiser, entered into franchise agreement with Nene on December 31, 2014. The total franchise fee is P500,000, of which P100,000 is payable upon signing and the balance in four equal annual installments. The down-payment is refundable in the event the franchiser fails to render services and none thus far had been rendered. When Mila prepares its financial statements on December 31, 2014, the franchise fee revenue to be reported is: * Mark only one oval. PO P500,000 P100,000 P400,000