5. On March 1, 2020, GGG Company entered into a franchise contract with HHH Company. The franchise agreement required the franchisee, HHH, to pay a non-refundable upfront fee in the amount of P1.440.000 and on-goina Davment of rovalty equivalent to 5% of the sales of the franchisee. In relation to the non-refundable upfront fee, the franchise agreement required GGG to render the following performance obligations to HHH: To construct the franchisee's stall with stand-alone selling price of P300,000. To supply cooking equipment and cash registers. Price of competitors for the similar items (cooking equipment and cash registers) is valued at P240,000 while the forecast of the expected cost of GGG for the performance obligation is P200,000 plus an appropriate margin above cost of 25%. To deliver 10,000 units of raw materials with stand-alone selling price of P460,000. To allow HHH to use the entity's trade name for a period of 10 years starting on the inception of the contract with stand-alone selling price of P600,000. During 2020, GGG satisfied its performance obligations to supply cooking equipment and install cash registers, constructed the franchisee's stall and was able to deliver 6,000 units of raw materials to HHH. Also, during 2020, the franchisee reported sales revenue amounting to P720,000. GGG incurred a total cost of P500,000 related to franchise. The entity had determined that the performance obligations are separate and distinct from one another and accounted under PFRS 15. Determine the following: a. Revenue to be recognized in 2020 b. Income to be recognized in 2020 c. Entries to record the transactions in 2020