On January 1, 2023, Revco entered into a contract with Lodgett Company. The contract required Revco to pay Lodgett $6,000 at the end of each of the next three months for consulting services to assist Revco in increasing its sales. The contract includes a bonus of $2,000 if Revco's sales increase by at least 10% over the three months. Due to past experience with similar clients, Lodgett assigns a 60% probability to the likelihood that sales will increase by at least 10%. 1. Using expected value as the estimate of the variable consideration, calculate the transaction price of the consulting contract. (2 points)