Blair Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Blair will receive a payment of if the drug receives regulatory approval. Based on prior experience in the drug-approval process. Blair determines it is 88% likely that the drug will gain approval and a 12% chance of denial. Determine the transaction price of the arrangement for Blair Biotech. $8,530,000 Assuming that regulatory approval was granted on December 20, 2014, and that Blair received the payment from Pang on January 15, 2015, prepare the journal entries for Blair. Date December 20, 2014 January 15, 2015 Account Titles and Explanation Accounts Receivable License Revenue Cash Accounts Receivable Debit 8,530.000 8,530.000 credit