O A. $7.987,500 OB. $7,600,000 O c. $7,780,000 OD. $8,000,000 In May 20X2, the city council of Onhawa, Ontario awarded a $7.6 million contract to Build-It Corp. (BIC) to construct a new community centre in the city. The contract included a clause that provided for an early completion bonus ir BIC finished the project at least one month before the scheduled completion date of October 31, 20X3. The bonus completion schedule, together with BIC's senior management's estimates as to the probability of finishing by the specified dates, follows: Project completion date Bonus Payment Estimated probability Prior to July 31, 20X3 $500,000 10% Between August 1 and 31, 20X3 $450,000 35% Between September 1 and 30, 20X3 $400,000 45% On or after October 1, 20X3 $0 BIC's year end is December 31. It reparts its financial results in accordance with IFRS and uses the most likely amount to estimate variable consideration BIC believes that it is highly probably that a significant reversal of the variable consideration will NOT occur What is the transaction price that should be used to recognize revenue for this contract? 105