4. Sanjeev enters into a contract offering variable consideration. The contract pays him $1,000/month for six months of continuous consulting services. In addition, there is a 60% chance the contract will pay an additional $2,400 bonus and a 30% chance the contract will pay an additional $3,000 bonus, depending on the outcome of the consulting contract. There is a 10% chance Sanjeev receives no bonus. Sanjeev concludes that this contract qualifies for revenue recognition over time. Assume the estimated variable consideration is not subject to a significant reversal and Sanjeev estimates variable consideration as the most likely amount. What is the amount of revenue Sanjeev would recognize for the first month of the contract? (1.5 points)