Exercise 6-9 (Algo) Variable consideration; estimation and constraint (LO6-6) Thomas Consultants provided Bran Construction with assistance in implementing various cost savings initiatives. Thomas's contract specifies that it will receive a flat fee of $69.000 and an additional $39.000 if Bran reaches a prespecified target amount of cost savings. Thomas estimates that there is a 25% chance that Bran will achieve the cost savings target Skiped Required: 1. Assuming Thomas uses the expected value as its estimate of variable consideration calculate the transaction price. 2. Assuming Thomas uses the most ikely value as its estimate of variable consideration calculate the transaction price 3. Assume Thomas uses the expected value as its estimate of variable consideration, but is very uncertain of that estimate due to a lack of experience with similar consulting arrangements Calculate the transaction price Complete this question by entering your answers in the tabs below. Regt Reg 2 and 3 Assuming Thomas uses the expected value as its estimate of variable consideration calculate the transaction price Possible Amounts Probabilities Expected contract price incepion Req2 and 3 > Exercise 6-9 (Algo) Variable consideration; estimation and constraint (LO6-6] Thomas Consultants provided Bran Construction with assistance in implementing various cost savings initiatives. Thomas's contract specifies that it will receive a flat fee of $69,000 and an additional $39.000 if Bran reaches a prespecified target amount of cost savings. Thomas estimates that there is a 25% chance that Bran will achieve the cost savings target. Soped Required: 1. Assuming Thomas uses the expected value as its estimate of variable consideration, calculate the transaction price. 2. Assuming Thomas uses the most likely value as its estimate of variable consideration calculate the transaction price 3. Assume Thomas uses the expected value as its estimate of variable consideration, but is very uncertain of that estimate due to a lack of experience with similar consulting arrangements. Calculate the transaction price Complete this question by entering your answers in the tabs below. Reg1 Reg 2 and 3 2. Assuming Thomas uses the most likely value as its estimate of variable consideration calculate the transaction price. 3. Assume Thomas uses the expected value as its estimate of variable consideration, but is very uncertain of that estimate due to a lack of experience with similar consulting arrangements Calculate the transaction price, 2 3 Transaction price Transaction price