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Sheridan Corp. enters into a contract with a customer to build...

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Accounting

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Sheridan Corp. enters into a contract with a customer to build an apartment building for $920,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $138,000 to be paid if the building is ready for rental beginning August 1, 2026. The bonus is reduced by $46,000 each week that completion is delayed. Sheridan commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes. Determine the transaction price for this contract. Transaction price

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