Chapter 6 WP Homework Question 3 of 17 < 0/1 Concord Corp. enters into a contract with a customer to build an apartment building for $1,170,000. The customer hopes to rent apartments at the beginning of the school year and offers a performance bonus of $169,000 to be paid if the building is ready for rental beginning August 1, 2020. The bonus is reduced by $56,333 each week that completion is delayed. Concord commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by Probability 70 % August 1, 2020 August 8, 2020 20 August 15, 2020 5 After August 15, 2020 5 * Your answer is incorrect. Determine the transaction price for this contract, assuming Concord is only able to estimate whether the building can be completed by August 1, 2020, or not. (Concord estimates that there is a 70% chance that the building will be completed by August 1,2020.) Transaction price $ 118300 Screenshot