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20. Deli Foods charges an initial fee of P400,000 for a franchise, with P80,000 paid when the agreement is signed on January 1, 2020 and the balance in four annual payments starting December 31, 2020. The present value of the annual payments, discounted at 10% is P253,600. The franchisee has the right to purchase P30,000 kitchen equipment and supplies for P25,000. An additional part of the initial fee is for advertising to be provided by Deli Foods during the next five years. The value of the advertising is P500 per month. Franchise commences operations on January 20, 2020. Item No. 18 - What the amount of revenue from franchise fee on January 2020? Item No. 19 - What is the amount of unearned franchise fee on December 31, 2020? Item No. 20 - What entry should Deli Foods make for the franchise fees on January 1, 2020? P400.000 P298,600