the questions are indicated on the picture

. An entity, a creator of comic strips, licenses the use of the images and names of its comic strip characters in three of its comic strips to a customer for a four-year term. There are main characters involved in each of the comic strips. However, newly created characters appear regularly and the images of the characters evolve over time. The customer, an operator of cruise ships, can use the entity's characters in various ways, such as in shows or parades, within reasonable guidelines. The contract requires the customer to use the latest images of the characters. In exchange for granting the license, the entity receives a fixed payment of P1 million in each year of the four- year term. The entity determines that the contract does not contain a significant financing component. How much revenue is recognized in Year 1 of the contract? a. 1,000,000 c. 3,169,865 b. 4,000,000 d. 0 (IFRS 15: 16299-302 - Adapted) 9 . On Jan. 1, 20x1, Knock Co. enters into a contract with a customer to transfer a license for a fixed fee of P100,000 payable as follows: 20% at contract inception and balance due in 4 equal annual installments starting Dec. 31, 20x1. The discount rate is 12%. At contract inception, Knock determines that there is significant uncertainty in the collectability of the note, and that the nature of the promise to grant the license is to provide the customer with the 'right to use' Knock's intellectual property as it exists at grant date. Knock transfers the license to the customer, and incurs direct contract costs of P20,000, on Jan. 1, 20x1. How much contract revenue and 20x1? contract costs are recognized and expensed, respectively, in Contract revenue a. 80,747 Contract costs b. 20,187 20,000 c. 20,000 5,000 d. o 20,000 0