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Return to ques 4 Thomas Consultants provided Bran Construction with assistance in implementing various cost-savings initiatives. Thomas's contract specifies that it will recelve a flat fee of $60,000 and an additional $30,000 if Bran reaches a prespecified target amo of cost savings. Thomas estimates that there is a 25% chance that Bran will achieve the cost-savings target. 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 a lack of experience with similar consulting arrangements. Calculate the transaction price. ints Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Assuming Thomas uses the expected value as its estimate of variable consideration, calculate the transaction price. Expected Amounts Possible Amounts Probabilities 22,500 90,000 25 % 75 % S 60,000 45,000 67,500 Expected contract price at inception Mc Graw Hill Return to question 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 $60,000 and an additional $30,000 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. 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 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 2 and 3 Req 1 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. s 45,000 2. Transaction price s 22,500 Transaction price 3 Next> 4 of 11