Blossom Corp. enters into a contract with a customer to build an apartment building for $1,240,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $186,000 to be paid if the building is ready for rental beginning August 1,2026. The bonus is reduced by $62,000 each week that completion is delayed. Blossom commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes. Determine the transaction price for this contract. Transaction price \$ $ On May 1, 2025. Novak Company enters into a contract to transfer a product to Eric Company on September 30. 2025. It is agreed that Eric will pay the full price of $32,000 in advance on June 15, 2025. Eric pays on June 15, 2025, and Novak delivers the product on September 30, 2025. How much revenue does Novak recognize (a) June 15, 2025 and (b) September 30, 2025