. On January 1, 20311, Devjo Co. bought a franchise from McDo Co. The franchise requires an initial fee of P15,000,000 payable as follows: P5,000,000 down payment on contract date and the balance in ve equal annual installments starting one year from contract date plus 4% interest on the outstanding principal balance. The current market rate as of contract date is 12%. How much is the initial measurement of the intangible asset? a. 14,887,922