connect. ACCOUNTING Exercise Homework value 10.00 points Thomas Consultants provided Bran Construction with assistance in implementing various cost-savings initiatives. Thomas' contract specifies that it will receive a flat fee of $50,000 and an additional $20,000 if Bran reaches a pre specified target amoun of cost savings Thomas estimates that there is a 20% chance that Bran will achieve the cost-savings target Required 1 Assuming Thomas uses the expected value as its estimate of variable consideration, calculate the transaction price Possible AmountsProbabilitiesExpected Amounts Expected contract price at inception 2. Assuming Thomas uses the most likely value as its estimate of variable consideration, calculate the transaction price. Transaction prce 3. Assume Thomas uses the expected value as its estimate of variable consideration, but is very uncertain of that estimate due to a lack of experience vwath similar consulting arrangements. Calcu the transaction price. References eBook & Resources