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Exercise 6-07 Sweet Acacia Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Sweet Acacia will receive a payment of $7,200 if the drug receives regulatory approval. Based on prior experience with the drug-approval process, Sweet Acacia determines it is 90% likely that the drug will gain approval, with a 10% chance of denial. Determine the transaction price of the arrangement for Sweet Acacia Biotech. Transaction price $ SHOW LIST OF ACCOUNTS LINK TO TEXT Assuming that regulatory approval was granted on December 20, 2020, and that Sweet Acacia received the payment from Pang on January 15, 2021, prepare the journal entries for Sweet Acacia. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit