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please help Anderson Corp, enters into a contract with a customer to build an apartment building for $830,000. The customer hopes to rent apartments at
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Anderson Corp, enters into a contract with a customer to build an apartment building for $830,000. The customer hopes to rent apartments at the beginning of the school year and offers a performance bonus of $156,000 to be paid if the building is ready for rental beginning August 1,2023. The bonus is reduced by $52,000 each week that completion is delayed. Anderson commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Determine the transaction price for this contract under IFRS. Transaction price Step by Step Solution
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