Blossom Biotech enters into a licensing agreement with Bridgeport Pharmaceutical for a drug under development. Blossom will receive a payment of $$13,700$ if the drug receives regulatory approval. Based on prior experience with the drug$-$approval process, Blossom determines it is $75\%$ likely that the drug will gain approval, with a $25\%$ chance of denial. Blossom Biotech follows IFRS.

$($a$)$

Determine the transaction price of the arrangement for Blossom.

Transaction price

$

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$($b$)$

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