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made-up case related to the construction industry the Facts (this is the scenario) The Architect was hired to create drawings to construct a building The

made-up case related to the construction industry

the Facts (this is the scenario)

  • The Architect was hired to create drawings to construct a building
  • The Contractor says the drawings were defective
  • The Owner failed to make sure fixtures and equipment for the building were delivered on time
  • The Contractor was the winning bidder in a competitive bid process
  • The Contractor now wants $1,000,000 additional compensation to cover the related cost overruns

Task: (need to solve)

Determine(identify) the transaction price.

How the transaction price was Allocated to the Performance Obligations

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