Miller Corp. enters into a contract with a customer to build an apartment building for $1,079,000....

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Miller Corp. enters into a contract with a customer to build an apartment building for $1,079,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $153,000 to be paid if the building is ready for rental beginning August 1, 2026. The bonus is reduced by $51,000 each week that completion is delayed. Miller commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by August 1, 2026 Probability 70 % August 8, 2026 20 August 15, 2026 5 After August 15, 2026 5 Determine the transaction price for this contract. Transaction price $ Miller Corp. enters into a contract with a customer to build an apartment building for $1,079,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $153,000 to be paid if the building is ready for rental beginning August 1, 2026. The bonus is reduced by $51,000 each week that completion is delayed. Miller commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by August 1, 2026 Probability 70 % August 8, 2026 20 August 15, 2026 5 After August 15, 2026 5 Determine the transaction price for this contract. Transaction price $