Ivonne enters into a contract for 2 years with Irvin to transfer a license. The agreement signed on January 2, 2025, called for a P30,000 down payment plus a 10% interest bearing note of P20.000 payable in two annual payments starting December 31, 2025. The license provides that Irvin has the right to use the secret formula to produce healthy juice. The license does not explicitly require Ivonne to undertake activities that will significantly affect the secret formula to which Irvin has rights. The collectability of the note is reasonably assured. What is the total revenue to be recognized on December 31, 2025? [Select] [Select] 52,000 50.000 41,000 20,000 es Irvin the right to access the secret e. Irvin is bound by the terms of the In the use of the secret formula by