Whispering enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Whispering will receive a payment of $10,000,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Whispering determines it is 90% likely that the drug will gain approval and a 10% chance of denial.
Required:
1. Determine the transaction price of the arrangement for Whispering.
2. Assuming that regulatory approval was granted on December 20, 2020, and that Whispering received the payment from Pang on January 15, 2021, prepare the journal entries for Whispering. The license meets the criteria for point-in-time revenue recognition.

Problem 8-6 cullumber company is a multi product firm. presented below is information concerning one of its products, the hawkeye. date transaction quantity price/cost 1/1 beginning inventory 2,700 $17 2/4 purchase 3,700 26 2/20 sale 4,200 43 4/2 purchase 4,700 33 11/4 sale 3,900 47 calculate average-cost per unit. (round answer to 4 decimal places, e.g. 2.7613.) average-cost per unit $ link to text compute cost of goods sold, assuming cullumber uses: (round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) cost of goods sold (a) periodic system, fifo cost flow $ (b) perpetual system, fifo cost flow $ (c) periodic system, lifo cost flow $ (d) perpetual system, lifo cost flow $ (e) periodic system, weighted-average cost flow $ (f) perpetual system, moving-average cost flow $ click if you would like to show work for this question: open show work