Whispering enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Whispering will receive a payment of $10,000,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Whispering determines it is 90% likely that the drug will gain approval and a 10% chance of denial.
Required:
1. Determine the transaction price of the arrangement for Whispering.
2. Assuming that regulatory approval was granted on December 20, 2020, and that Whispering received the payment from Pang on January 15, 2021, prepare the journal entries for Whispering. The license meets the criteria for point-in-time revenue recognition.

In 2018, laureen is currently single. she paid $2,800 of qualified tuition and related expenses for each of her twin daughters sheri and meri to attend state university as freshmen ($2,800 each for a total of $5,600). sheri and meri qualify as laureen’s dependents. laureen also paid $1,900 for her son ryan’s (also laureen’s dependent) tuition and related expenses to attend his junior year at state university. finally, laureen paid $1,200 for herself to attend seminars at a community college to her improve her job skills. what is the maximum amount of education credits laureen can claim for these expenditures in each of the following alternative scenarios? a. laureen's agi is $45,000.b. laureen’s agi is $95,000.c. laureen’s agi is $45,000 and laureen paid $12,000 (not $1,900) for ryan to attend graduate school (i. e, his fifth year, not his junior year).