Bentley Incorporated (Inc) enters into a contract with Lawson Company to help them streamline their purchasing process. The contract specifies Lawson will pay Bentley Inc $50,000 in the form of a fixed fee plus an additional $20,000 if Lawson achieves $200,000 in cost savings within the first year. Bentley estimates a 55% chance that the cost saving goal will be reached and they will earn the bonus.

Assuming Bentley uses the Expected Value Approach, what is the estimated transaction price Bentley should record as revenue?

Transaction Price $________________________