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Use the following information for questions 30 to 32: Joey Muffler sells franchise arrangements throughout Luzon and Visayas. Under a franchise agreement. Joey receives P600,000 in exchange for satisfying the following separate performance obligations: franchisees have a five-year right to operate as a Joey Muffler retail establishment in an exclusive sales territory franchisees receive initial training and certification as a Muffler Mechanic, and franchisees receive a Joey Muffler building and necessary equipment. . 32. How much revenue would Joey recognize in the year ended December 31, 20x6, with respect to its franchise arrangement with Althea (Ignore any interest on the note receivable.) P 9,000 c P465,000 b. P450,000 d. P474,000 a. 22 An Al 1 Use the following information for questions 30 to 32: Joey Muffler sells franchise arrangements throughout Luzon and Visayas. Under a franchise agreement. Joey receives P600,000 in exchange for satisfying the following separate performance obligations: franchisees have a five-year right to operate as a Joey Muffler retail establishment in an exclusive sales territory franchisees receive initial training and certification as a Muffler Mechanic, and franchisees receive a Joey Muffler building and necessary equipment. . 32. How much revenue would Joey recognize in the year ended December 31, 20x6, with respect to its franchise arrangement with Althea (Ignore any interest on the note receivable.) P 9,000 c P465,000 b. P450,000 d. P474,000 a. 22 An Al 1