Assuming the collectability of the note is likely of collection, in its income statement for the year ended December 31, 2018, how much is the net. income? Assuming the collectability of the note is not reasonably assured, in its income statement for the year ended December 31, 2018, how much i the net income? Assuming the collectability of the note is certain of collection, in its income statement for the year ended December 31, 2018, how much is the net income? (assume also that the note is non- interest bearing and the present value factor is 3.498) Assuming the collectability of the note is doubtfu in its income statement for the year ended December 31, 2018, how much is the net income? (assume also the note is non-interest bearing and the present value factor is 3.498) On March 1, 2018, JAM entered into a franchise agreement with CURT to sell their "for lovers only" products. The agreement provides for an initial franchise free of P687,500, payable as follows: P192,500 cash to be paid upon signing of the contract, and the balance in six equal annual payments every December 31, starting December 31, 2018. Curt signs 18% interest bearing note for the balance. The agreement further provides that the franchisee must pay a continuing franchise fee equal to 6% of its monthly gross sales. On September 17, the franchisor completed the initial services required in the contract at a cost of P433,125 and incurred indirect initial service costs of P42,000. The franchisee commenced business operations on October 3, 2018. The gross sales reported to the franchisor are October sales, P172,500, November sales P198,500 and December sales P130,000. The franchisor also incurred a total cost related to continuing services in the amount of P28,250(40% of which is indirect cost). The first installment payment was made in due date. (Use two decimal places for the gross profit rate.) Assuming the collectability of the note is likely of collection, in its income statement for the year ended December 31, 2018, how much is the net income? Select Assuming the collectability of the note is not reasonably assured, in its income statement for Select the year ended December 31, 2018, how much is the net income? Assuming the collectability of the note is certain of collection, in its income statement for the year ended December 31, 2018, how much is the net income? (assume also that the note is non- interest bearing and the present value factor is 3.498) Select