9. On June 1, 2016, franchisor receives 3 points P200,000 from franchisee representing down payment on the franchise agreement signed that day. Franchisee gave 12% interest bearing note for the balance of P1,000,000 payable in four semi-annual installments. Franchise services was substantially completed on November 10 at a cost of P900,000. The first semi-annual payment was made due. Collectability of the note is reasonably certain. What is the net income recognized by the franchisor at December 31, 2016? * A. P405,000 B. P360,000 C. P367,500 D. P300,000