Exercise 18-7 Cullumber Biotech enters into a licensing agreement with Pang Pharmaceutica o a drug under development. Cu umber will receive apa menti ,n so. receives regulatory approval. Based on prior experience in the drug approva process, Cul umber determine t i 90 kel hat e drug will gain approvaand chance of denial. e ru Determine the transaction price of the arrangement for Cullumber Biotech. Transaction price $ SHOW LIST OF ACCOUNTS Assuming that regulatory approval was granted on December 20, 2017, and that Cullumber received the payment from Pang on January 15, 2018, prepare the journal entries for Cullumber. The license meets the criteria for point-in-time revenue recognition. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit