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Determine the transaction price for this contract under ifrs

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Question

Pina Colada Corp. enters into a contract with a customer to build an apartment building for $930,000. The customer hopes to rent apartments at the beginning of the school year and offers a performance bonus of $145,500 to be paid if the building is ready for rental beginning August 1, 2020. The bonus is reduced by $48,500 each week that completion is delayed. Pina Colada commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes:

Completed by Probability

August 1, 2020 65%

August 8, 2020 20

August 15, 2020 10

After August 15, 2020 5

Determine the transaction price for this contract under IFRS.

Reference no: EM132406466

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