Headland Corp. enters into a contract with a customer to build an apartment building for $ 987,800. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $ 157,500 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $ 52,500 each week that completion is delayed. Headland 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		20
August 15, 2021		6
After August 15, 2021		4

Determine the transaction price for this contract.

Transaction Price

$ enter the transaction price for this contract