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Lee Corp. enters into a contract with a customer to build an apartment building for $947,600. The customer hopes to rent apartments at the beginning

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Lee Corp. enters into a contract with a customer to build an apartment building for $947,600. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $162,900 to be paid if the building is ready for rental beginning August 1,2026. The bonus is reduced by $54,300 each week that completion is delayed. Lee commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Determine the transaction price for this contract. Transaction price $

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