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-7. Estimating Variable Consideration. Sellet Billboard Company entered into an agreement to display billboard advertising...

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-7. Estimating Variable Consideration. Sellet Billboard Company entered into an agreement to display billboard advertising for Highlife Incorporated for 10 months for a $60,000 fixed fee. The agreement also includes a potential $6,000 bonus based on certain goals. Sellet estimates that it is 70% likely to receive the entire bonus and 30% likely to receive none of the bonus. What approach should Sellet use to estimate variable consideration? What is the estimate of the consideration amount in this contract

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