Contract Modification Ins Chart of Accounts Analysis General Joumal On January 1, 2017, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $65 per month. The contract includes a smartphone for which the customer pays $299. Loud also sels the smartphone and monthly service plan separately, charging 3649 for the smartohone and $65 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2017, the customer realizes that she needs less data in her wireless plan and downgraces to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $55 per month. The $55 per month is Loud's current stand-alone price for this plan that is available to al customers Required: 1. How should Loud account for this contract modification? 2. Provide Loud's new monthly revenue recognition joumel entry Chart of Accounts CHART OF ACCOUNTS Loud Company General Ledger