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Oriole Corp. enters into a contract with a customer to build an apartment building for $930,000. The customer hopes to rent apartments at the beginning

Oriole Corp. enters into a contract with a customer to build an apartment building for $930,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $151,500 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $50,500 each week that completion is delayed. Oriole commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes:

Completed by Probability

August 1, 2021

70 %

August 8, 2021

20

August 15, 2021

5

After August 15, 2021

5

Determine the transaction price for this contract.

Transaction Price $

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