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

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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:
What is the transaction price for this contract?
$1,300,000
$1,290,000
$1,200,000
$1,270,000
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