Culver Corp. enters into a contract with a customer to build an apartment building for $1,040,800. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $161,700 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $53,900 each week that completion is delayed. Culver commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes:
Completed by Probability
August 1, 2015 70%
August 8, 2015 20
August 15, 2015 5
After August 15, 2015 5
Determine the transaction price for this contract.
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Culver Corp. enters into a contract with a customer to build an apartment building for $1,040,800. T...
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