In $2025,$ Cullumber Construction Corp. began construction work under a $3-$year contract. The contract price was $$1,020,000.$ Cullumber uses the percentage$-$of$-$completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December $31,2025,$ are shown below.

$\backslash$table$[[$Balance Sheet$],[$Accounts receivable,,$$19,400$

Assume that Gary Smith has reviewed his work schedule and decided that it makes sense to complete this project on time. Assuming that he now believes that the probability for completing the project on time is $83\%$ and otherwise it will be finished $1$ week late, determine the transaction price.

Transaction price $

Assume that Gary Smith has reviewed his work schedule and decided that it makes sense to complete this project on time. Assuming that he now believes that the probability for completing the project on time is $83\%$ and otherwise it will be finished $1$ week late, determine the transaction price.

Transaction price $