(Solved): Lee Corp. enters into a contract with a customer to build an apartment building for $947,600. The cu ...

Lee Corp. enters into a contract with a customer to build an apartment building for $947,600. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of

to be paid if the building is ready for rental beginning August 1, 2026. The bonus is reduced by

each week that completion is delayed. Lee commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: (a) Determine the transaction price for the contract, assuming Lee is only able to estimate whether the building can be completed by August 1, 2026, or not (Lee estimates that there is a 70% chance that the building will be completed by August 1, 2026). Transaction price