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On April 1,20X1, Burchell Construction contracted with The Horton Group to build a parking garage...

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Accounting

On April 1,20X1, Burchell Construction contracted with The Horton Group to build a parking garage for $1,200,000. The Horton Group is offering a performance bonus of $100,000 if the garage is completed by June 1,201; the bonus is reduced by $25,000 for each week that completion of the project is late. Based on experience with similar contracts, Burchell estimates the following probabilities regarding completion of the garage:
\table[[Completion date,Probability of completion],[June 1,201,70%
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