Review Test #2 Pharmceutical for a drug under if the drug receives regulatory 4.(a) Blair Biotech enters into a licensing agreement with Pang development. Blair will receive a payment of S10,000,000 approval. Based on prior experince in the drug-approval process, Blair determines it is 90% likely that the drug snill gain approval and ai0% chance of detal Instructions (1) Determine the transaction price of the arrangement payment from Pang on January 15, 2018, prepare the journal entries for Blair. The license meets the criteria for point-in-time revenue recognition. 2) Assuming that regulatory approval was granted on December 20, 2017, and that Blair received Cr Dr Date Acct Title & Explanation 4.(b) Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 20r The sales price includes an installation fee, which has a standalone selling price of $40,000. The performance obligation and is expected to take 6 months to complete. standalone selling price of the goods is $370,000. The installtion is considered a separate Instructions: (3) Prepare the journal entries (if any) to record the sale and cost of goods sold on January 2, 2017. haw prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (4) S (installation was not related to its sale to Ricard? Date completed until June 18, 2017). How much revenue should Shaw Acct Title & Explanation Dr Cr 1)