Each of ABC's 12 new franchisee contracted to pay an initial franchise fee of P50,000. By December 31, 2021, each franchisee had paid a non-refundable P5,000 fee and signed a note to pay P20,000 principal plus interest rate of 10% on December 31, 2022 and December 31, 2023. Experience indicates that three franchises will default on the additional payments. Service for the initial franchise fee will be performed in 2022. What amount of franchise revenue would ABC recognize on December 31, 2021?

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