On July 1, 2021, Emerald Corporation sold a set of washing machine and a dryer for a total contract price of P200,000. The stand alone selling prices of the washing machine and the dryer if sold...

On July 1, 2021, Emerald Corporation sold a set of washing machine and a dryer for a total contract price of P200,000. The stand alone selling prices of the washing machine and the dryer if sold separately are: 150,000 and 70,000, respectively. A 20% down payment was made and the balance is payable in six (6) equal installment payments of P28,564, inclusive of 2% interest, payable quarterly starting September 30 and December 31, 2021. How much is the revenue to be recognized on this contract on July 01, 2021?