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Brief Exercise 6-09 Culver Corp. enters into a contract with a customer to build an apartment building for $770,000. The customer hopes to rent apartments at the beginning of the school year and offers a performance bonus of $126,000 to be paid if the building is ready for rental beginning August 1, 2020. The bonus is reduced by $42,000 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: Probability 70 % Completed by August 1, 2020 August 8, 2020 August 15, 2020 After August 15, 2020 20 5 5 Determine the transaction price for this contract under IFRS. Transaction price LINK TO TEXT LINK TO VIDEO