On danvary 1, 2010, Loud Compary enters into a 2 year contract with a customer for an unsimited tak and 5 GB dats wtreless plan for sis per month. The cartract inceviles a amartghoone tak and 5.68 data wereloss plan. On July 1, 2019, the customer reakees that she neods a text messaging plan and adds an unlimeied text mossaging plan for the cemahing term of the contract (18 months). The unlimited ted mestaging plan is priced at 515 per month. This is the cument pricing for this plan wialabls to al customers. Aequired: 1. How should Loud ascount for this contract modifcation? 2. Previbe Loud's new morithy rovenue recogesion joumal entries. Analysis 1. How should Loud account for this contract modification? Loud determines that the modification teoated as a separate tontract because the modification has resulted in an addition to the contract of poods or services that are and the monthly peice for those services is relfective of the entity's seting price. General joumai 2. Prepare the foumal entries to record the new revenue rocognibion entries an duly 1 . Generaldexemal instinctions