The Uitimate Frisbee League (UFL) kcenses its trademark to Tank-Skin Appand. Under the fcense arrongement, Tank-Skin pays the UFL a \$1 million initial license fee Assume thot the UFL anticipstes that, in addition to ceceiving the $1 mision license fee, it will receive a bonus of $2 million in yeat 1 of the contract and a bonus of $3 million in years 2-4 of the contract based on Tonk-Sken's sales. Also assume that the UFL is convinced that it is probsoble there will not be a significant reversol of ary revenue recognized with respect to the bonus in subsequent periods, As the inception of the contract, whaf is the amount of thansaction price that the Uft woutd estimate with respect to this licerise arrangement? Mutiple Choice $1000000 $3.000.000 $12,000,000 $0