Blue Corp. enters into a contract with a customer to build an apartment building for $1,220,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $183,000 to be paid if the building is ready for rental beginning August 1, 2026. The bonus is reduced by $61,000 each week that completion is delayed. Blue commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes. August 1, 2026 70%

August 8, 2026 20

August 15, 2026 5

After August 15, 2026 5

Determine the transaction price for this contract.