Bellow I define model $M=(W,R,V)$ and Model $K=(W',R',V')$. Is model $K$ the model contraction (bisimulation contraction) of $M$?
Model $M$: $W = {a, b, c}$, and $R = {(a, b), (a, c), (b, c), (c, a), (c, b)}$, and $V (p) = {b}$
Model $K$: $W' = {d, e}$, and $R' = {(d, e), (e, e), (e, d)}$, and $V' (p) = {d}$
In short, yes, it is correct. However, depending on how pedantic you want to be, the correct answer will be the bisimulation contraction of $M$ is isomorphic to $K$. Recall that a bisimulation contraction of model $M$ is the quotient model of $M$ with respect to the maximal bisimulation of $M$ with itself (which is called autobisimulation). Hence, the contraction of $M$ in your example would be exactly like $K$ with $\{b\}$ and $\{a,c\}$ instead of $d$ and $e$ respectively.