Check my work Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to compete with Burger King. The contract spans eight months. Burger Boy promises to pay s87000 attbonus, depending on the end of each month. At the end of the to an additional $29,000 bonus, depending on y estimates an 80% of future payments to be e of the probability that it will contract, Velocity either will give Burger Boy a refund of $29 whether sales at Burger Boy at year-end have increased to a target level. At the inception of the contract, Velocit chance that it will earn the $29,000 bonus and calculates the contract price based on the expected value received. At the start of the fifth month, circumstances change, and Velocity revises to 60% itsessmat earn the bonus. At the end of the contract, Velocity receives the additional consideration of $29,000 Required: 1. to 4. Prepare the journal entries related to the contract. of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to record revenue each month for the first four months of the contract. ces View transaction list Journal entry worksheet 2 Record the entry at the start of the fifth month to recognize the change in estimate associated with the reduced likelihood that the $29,000 bonus will be received Required 1. to 4. Prepare the journal entries related to the contract. (If no entry is required for a transaction/event, select "No jou required" in the first account field.) View transaction list Journal entry worksheet 4 Record the entry to record revenue each month for the second four months of the contract. Required: 1. to 4. Prepare the journal entries related to the contract. (If no entry is required for a transaction/event, select "No required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the entry after eight months to record receipt of the $29,000 bonus