On February 28, 2022, Lee \& James, a consulting firm, entered into a contract to help Dr. Charles Ray, a local pediatric dental provider, design a marketing strategy to compete with Gold Tooth Dental. The contract spans ten months. Dr. Ray promises to pay $75,000 at the end of each month beginning in March. At the end of the contract, Lee \& James either will give Dr. Ray a refund of $75,000 or will be entitled to an additional $75,000 bonus, depending on whether services at Dr. Ray's practice at year-end have increased to a target level. At the inception of the contract, Lee \& James estimates a 60% chance that it will earn the $75,000 bonus and calculates the contract price based on the expected value of future payments to be received. At the beginning of the sixth month and after recording the July 31st entry, circumstances change, and Lee \& James revises to 75% its estimate of the probability that it will earn the bonus. Assume Lee \& James has a June 30th year-end. Required (Show your work to support amounts and do not round, show two decimal places unless the calculated amount is a whole dollar): 1B. Entry on August ist to adjust the bonus receivable and revenue based on the revised estimates for Jones \& Hill