On April 1, 2020, DEF Corporation entered into a franchise agreement. This will allow DEF to collect P200,000 cash as down payment and a 5-year, 8%, P1,000,000 note. The effective rate equals nominal rate for this note. The franchise allows the franchisee to use DEF Corporation's intellectual property and any updates to those over a period of 10 years. Required: BAGUIO CITY 10. Contract liability as of Dec. 31, 2020 11. Total carrying value of the receivables from the customer as of Dec. 31, 2020