Question: Problem 3: MNO Corp. completed a three month franchise contract. The terms of the contract include a ['50, 000 down payment and a P100 000

Problem 3: MNO Corp. completed a three month franchise contract. The terms of the contract include a ['50, 000 down payment and a P100 000 note receivable upon the start of the operations MNO incurred direct costs of P40,0m and administrative costs of P20,000. The prevailing market rate of iterestfor 5ifnilar notes is 12% but MNO deems the interest to beiimma'teria'l. Required: 9. Gross profit from the franchise contract

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