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Problem 2: (Non-interest Bearing Note) Ivory enters into a contract for 2 years with Irwin to transfer a license. The agreement signed on January 2, 20x5 called for a P30,000 down payment plus a 10% non-interest bearing note of P20,000 payable in the annual payments starting December 31, 20x5. The management of Irwin Co. has estimated that they can borrow a loan of this type at the rate of 10%. The present value factor of an ordinary annuity at 10% for 2 periods is 1.7335. The license provides that Irwin has the right to use the secret formula to produce healthy juice. The license does not explicitly require Ivory to undertake activities that will significantly affect the secret formula to which Irwin has rights. The collectability of the note is reasonably assured. Required: 1. What is the total revenue to be recognized on December 31, 20x5? a. P49,069 b. P50,000 C. P28,268 d. P47,335 2. Assume that the license provides Irwin the right to access the secret formula to produce healthy juice. Irwin is bound by the terms of the contract to follow with the policies on the use of the secret formula by Ivory but is given the right to any subsequent modifications to the secret formula. What is the total revenue to be recognized on December 31, 20x5? a. P23,668 b. P25,000 C. P47,335 d. P25,401