Nair A.G. enters into a contract with a customer to build an apartment building for ‚¬1,000,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of ‚¬150,000 to be paid if the building is ready for rental beginning August 1, 2020. The bonus is reduced by ‚¬50,000 each week that completion is delayed. Nair commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes:

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Completed by Probability August 1, 2020 70% August 8, 2020 20 August 15, 2020 5 After August 15, 2020 5 Determine the transaction price for this contract.