Phantom Fireworks entered into a contract with Opera Entertainment to develop a new firework. Phantom will receive $8,000,000 if the firework is available by July 1, $6,000,000 if the firework is available by July 15, and $4,000,000 if the firework is available by July 31. Based on past experience with this process, Phantom determines that it is 50% likely that the firework will be available by July 1, 30% likely by July 15, and 20% likely by July 31. Phantom decides to use the expected value method in this situation. The transaction price for this contract should be $8,000,000 $0 until approval is received. $6,900,000. $6,600,000