of $10,700,00o if the drug Sheffield Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Sheffield will receive a payment receivesregulatory approval Based on prior experience in the drug-ap proval process, Sheffield determines it is 70% likely that the drg will gain approval and a 30% chance of denial. Determine the transaction price of the arrangement for Sheffield Biotech. Transaction price Assuming that regulatory approval was granted on December 20, 2017, and that Sheffield received the payment from Pang on January 15, 2018, prepare the journal entries for Sheffield. The license meets the criteria for point-in-time revenue recognition. not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) (Credit account titles are automatically indented when the amount is entered. Do Date Account Titles and Explanation Debit Credit