How much is Vancouver Company's amortization expense and franchise fee expense for the year 2020?

On October 1, 2018, the Submarine Sandwich Company entered into a franchise agreement with an individual.In exchange for an initial franchise fee of $300,000, Submarine will provide initial services to the franchisee toinclude assistance in design and construction of the building, help in training employees, and help in obtainingfinancing. Ten percent of the initial franchise fee is payable on October 1, 2018, with the remaining $270,000payable in nine equal annual installments beginning on October 1, 2019. These installments will include interestat an appropriate rate. The franchise opened for business on January 15, 2019.Required:Assume that the initial services to be performed by Submarine Sandwich subsequent to October 1, 2018, are substantial and that collectibility of the installment receivable is reasonably certain. Substantial performance of theinitial services is deemed to have occurred when the franchise opened. Prepare the necessary journal entries forthe following dates…

On January 2, 2021, A Company signed an agreement to operate as a franchisee of B for an initial franchise fee of P2,250,000 for 10 years. Of this amount, P420,000 was paid when the agreement was signed and the balance payable in four annual payments beginning on December 31, 2021. The company issued a promissory note for the balance, the relevant interest rate being 24%. Assume that substantial services amounting to P333,960 had already been rendered by B and that additional indirect franchise cost of P56,400 was also incurred. The franchisee started operations during 2021 with a total sales of P360,000. The agreement further provides that the franchisee must pay a continuing franchise fee equal to 3% of its gross sales. If needed, the PV factor is 2.40.    Assuming the note is non-interest-bearing and its collection is reasonably assured, calculate the net income reported by B on the franchise for the year ended December 31, 2021.  Assuming the note is interest-bearing and its…

On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 6.100 units of Comfort Office Keyboard to one of its clients, Bionics Inc., at a fixed price of $103,700, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $61,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.00 per unit. Required: 1. How many performance obligations are in this contract? 2. Prepare the journal entry that Meta would record on May 1, 2021 3. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option to…