n January 1,2019 , 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 imartphone for which the customer pays $299. Loud also sells the smartphone and monthly service plan separately, charging $649 for the smartphone and $65 for the monthly service or the unlimited talk and 5 GB data wireless plan. On July 1,2019 , the customer realizes that she needs a text messaging plan and adds an unlimited text messaging plan for the emaining term of the contract (18 months). The unlimited text messaging plan is priced at $15 per month. This is the current pricing for this plan available to all customers. Required: 1. How should Loud account for this contract modification? 2. Provide Loud's new monthly revenue recognition journal entries