Lovie Company offers three payment plans on twelve-month contracts. Information on the three plans and the number of children enrolled in each plan for the September 1, 2015 through August 31, 2016 contract year follows: Initial payment Monthly fee Number of per child per child children #1 50,000 15 #2 20,000 3,000 12 #3 5,000 9 The entity received P990,000 of initial payments on September 1, 2015 and P324,000 of monthly fees during the period September 1 though December 31, 2015. On December 31, 2015, what amount should be reported as deferred revenue? a. 330,000 b. 438,000 C 660,000 d. 990,000