Thomas Consultants provided Bran Construction with assistance in implementing various cost$-$savings initiatives. Thomas's contract specifies that it will receive a flat fee of $$70,000$ and an additional $$40,000$ if Bran reaches a prespecified target amount of cost savings. Thomas estimates that there is a $30\%$ chance that Bran will achieve the cost$-$savings target

Required:

Assuming Thomas uses the expected value as its estimate of variable consideration, calculate the transaction price.

Assuming Thomas uses the most likely value as its estimate of variable consideration, calculate the transaction price.

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 with similar consulting arrangements. Calculate the transaction price.

$\backslash$table$[[,],[1.$ Using expected value,$],[2.$ Using most likely value,$],[3.$ Using expected value but uncertain,$]]$