On 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 smartphone 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 for 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 remaining 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 Louds new monthly revenue recognition journal entries. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 1 GENERAL JOURNAL Score: 30/63 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Jan. 1 Cash 299.00 Contract Receivable 247.17 Sales Revenue 546.17 Feb. 1