Transcribed Image Text: Screen Co. assigns some of its patents to other enterprises under a variety of licensing agreements . In some instances, advance royalties are received when the agreements

Transcribed Image Text: Screen Co. assigns some of its patents to other enterprises under a variety of
licensing agreements .
In some instances, advance royalties are received when the agreements are
signed, and in others, royalties are remitted within sixty days after each license
year-end.
The following data are included in Screen Co.’s December 31 balance sheet :
2019
2020
Royalties receivable
Unearned royalties
100,000
70,000
95,000
50,000
During 2020 Screen Co. received royalties’ remittances of P200,000 .
How much should Screen Co. report as royalty income in its income
statement for the year ended December 31, 2020?

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