On January 1, 2020, Mark's Fried Chicken granted a franchise to Chicks Co to sell

Mark's products. The franchise agreement provides for the following terms:

Initial franchise fee in the amount of 15,000,000 payable at 5,000,000 down

payment on January 1, 2020 and the balance payable in five equal annual

installments every December 31. Chicks Co issued a 5-year non-interest bearing

promissory note. The prevailing market rate of the similar note is 10%. The PV

factor of P1 for five periods at 10% is 0.6209 and the PV factor of an annuity of P1

at 10% for five periods is 3.7908 Contingent franchise fee equal to 5% of the

sales revenue of Chicks Co.As of December 31, 2020, Mark has not yet

performed substantially all material services or conditions required of the

franchise contract. For the year ended December 31, 2020, Chicks Co reported

sales revenue in the amount of P1,000,000.What is the amount of total income

to be reported by Mark for the year ended December 31, 2020?