CASE 3 Leopold, Inc. charges an initial franchise fee of P180,000 broken down as follows: P80,000 Rights to trade name, market area, and proprietary know-how Training services Equipment Total initial franchise fee 23,000 77,000 P180,000 Upon signing of the agreement, a payment of P80,000 is due. Thereafter, two (2) annual payments of P60,000 are required. The credit rating of the franchisee is such that it would have to pay interest of 8% to borrow money. The franchise agreement is signed on August 1, 20x1, and the franchise commences operation on November 1, 20x1. Assuming that no future services are required by the franchisor once the franchisee begins operations, how much is the amount of franchise revenue on November 1, 20x1? REQUIRED: 6. Franchise revenue