the questions are indicated on the picture

3. On January 1, 20x1, Feedback, a music record label, licenses to a customer a 1975 recording of a classical symphony by a noted orchestra. The customer, a consumer products company, has the right to use the recorded symphony in all commercials, including television, radio and online advertisements for 2 years in the Philippines. In exchange for providing the license, Feedback receives a fixed consideration of P10,000 per month. The contract does not include any other goods or services to be provided by Feedback. The contract is non-cancellable. The license is transferred to the customer on January 1, 20x1. The appropriate discount rate is 12%. How much contract revenue (excluding interest revenue) will Feedback recognize in 20x1? a. 120,000 c. 202,806 b. 240,000 d. 212,434 (IFRS 15.TE303-306 - Adapted) Use the following information for the next four questions: On December 31, 20x1, Mr. Eugene H. Krabs Co. enters into a contract with Sheldon J. Plankton Co. to transfer a license for a fixed fee of P100,000 payable as follows: 20% upon signing of contract. 80% in 4 equal annual installments starting December 31, 20x2. The appropriate discount rate is 12%. 4. The license provides Plankton rights over Mr. Krabs' patented secret formula for a burger patty. Plankton continues to operate using its trade name and has the discretion of developing a new product name for the products it will produce using the secret formula. The license does not explicitly require Mr. Krabs to undertake activities that will significantly affect the intellectual property to which Plankton has rights. Neither does Plankton expect that Mr. Krabs will undertake such activities. Mr. Krabs provides the secret formula to Plankton on December 31, 20x1. How much contract revenue will Krabs recognize in 20x1? a. 60,747 c. 80,747 b. 79,132 d. 0