Crane Corp. enters into a contract with a customer to build an apartment building for $1,031,300. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $144,300 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $48,100 each week that completion is delayed. Crane commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes:

Crane Corp.enters into a contract with a customer to build an apartment building for $1,031,300. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $144,300 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $48,100 each week that completion is delayed. Crane commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by Probability August 1, 2021 70 % August 8, 2021 August 15, 2021 After August 15, 2021 Determine the transaction price for this contract. Transaction Price $