$\mathrm{}$On January $1,20$x$1,$ Apple Inc. sells computer software to Silicon Corp. for a five$-$yearterm. The agreement provide that Silicon Corp. shall pay P$2,000,000$ upfront fee, P$500,000$ upon signing the contract and the balance in two equal annual paymentsstarting December $31,20$x$1.$ The presentvalue factor is $1\mathrm{.}78326$ for $2$  periods. The upfront fee paid by Silicon Corp. is for the following performance obligations: $(1)$ Training services with stand$-$alone selling price of P$400,000$; $(2)$ Equipment with stand$-$alone selling price of P$1,000,000$and $(3)$ the computer software with stand$-$alone selling price of P$600,000.$ Silicon Corp. commence its business operation on October $1,20$x$1.$The entity determines that the performance obligations are distinct.Required:$1.$Assume that Silicon Corp. has the right to use the intellectual property, the journal entry on January $1,20$x$1$ would be$?$Show complete solution$\mathrm{.}2.$Assume that Silicon Corp. has the right to use the intellectual property, the journal entry on October $1,20$x$1$ would be$?$Show complete solution$\mathrm{.}3.$Assume that Silicon Corp. has the right to use the intellectual property, on December $31,20$x$1,$ how much is the total revenue from license contract? Show complete solution$\mathrm{.}4.$Assume that Silicon Corp. has the right to access the intellectual property, the journal entry on October $1,20$x$1$ would be$?$ Show complete solution$\mathrm{.}5.$Assume that Silicon Corp. has the right to access the intellectual property, on December $31,20$x$1,$ how much is the total revenue from license contract? Show complete solution.  

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