On January 1, 2018, Starbucks Company signed an agreement to operate as a franchisee of perfect Pizza, Inc. for an initial franchise fee of P1,500,000 for a period of (10) years. Of this amount P500,000 was paid when the agreement was signed and the balance payable in five annual payments of P200,000 beginning December 31, 2018. Starbucks signed a non interest bearing note for the balance. Starbucks rating indicates that it can borrow money at 20% for a loan of this type PV of future payments P598,000. In return for the initial fee, the franchisor agrees to make a market studies, find a location, train the employees, and perform other related services. The following transactions describe the relationship with perfect pizza, a franchisee: May 15: 2018 Jan. 1: Entered into a franchise agreement. April 1: completed a market study at a cost of P69,436 indirect cost of services (general expenses), P5,000. found suitable location. Service cost P350,000. Nov. 15: completed training program for employees, cost P20,000. Dec. 20 franchise outlet opened and business operations started. Dec. 30: received the first annual payment. 1. On January 01, 2018, how much is the franchise revenue to be recognize? 2. On January 01, 2018, how much is the remaining unearned franchise revenue if any? 3. On April 01, 2018 how much is the franchise revenue to be recognize if any