On March 1, 2017, Elkhart enters into a new contract to build a specialized warehouse for $7 million. The promise to transfer the warehouse is determined to be a performance obligation. The contract states that if the warehouse is usable by November 30,2017 , Elkhart will receive a bonus of $700 , 000 . For every week after November 30 that the warehouse is not usable, the bonus will decrease by $150 , 000 . Elkhart provides the following completion schedule: Assume that Elkhart uses the probability-weighted amount to determines the transaction price given that this contract contained a variable consideration component. Determine the transaction price on March 1, 2017 assuming the company believes the variable consideration is reasonably assured and is not constrained