On December 31, 2021, HH Co. enters into a contract with CC Co. to transfer a license for a fixed fee of P100,000 payable as follows:

20% is payable upon signing of contract. 80% is represented by a note receivable collectible in 4 equal annual installments starting December 31, 2022. The appropriate discount rate is 12%.

Provide the relevant entries given the following situations:

a. When the license is transferred on December 31, 2021. The customer has right to use the entity's IP.

b. Right to access the entity's intellectual property. Performance of obligation is satisfied over time.

c. The P20,000 cash down payment is non-refundable and represents a fair measure of services already rendered as of December 31, 2021. The costs of the services already rendered amount to P15,000.