Sheridan Corp. enters into a contract with a customer to build an apartment building for $995,600. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $145,500 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $48,500 each week that completion is delayed. Sheridan 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

$enter the transaction price for this contract