3. CCC Company entered into a franchise agreement with DDD Company on January 1, 2020. The initial franchise fee agreed upon is P950,000, of which, P150,000 is payable upon signing and the balance to be covered by a non-interest-bearing note payable in four equal annual installments to be paid starting December 31, 2020. It was agreed that the down payment is not refundable and royalties equal to 5% of its average sales every calendar year must be paid to CCC. The following expenses were incurred: Initial services: Continuing services: Direct cost - 331,200 Direct cost - 66,240 Indirect cost - 41,400 Indirect cost - 16,560 The management of DDD estimated that they can borrow at the rate of 5%. The franchisee commenced its operations on June 30, 2020. DDD reported monthly average sales of P80,000 since the start of its operations. Determine the following: a. Revenue to be recognized in 2020 b. Unearned revenue to be recognized in 2020 C. Income to be recognized in 2020 d. Entries to record the transactions in 2020