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On January 1 , Year 1 , Loud Company enters into a 2 - year contract with a customer for an unlimited talk and 5
On January Year Loud Company enters into a year contract with a customer for an unlimited talk and GB data wireless plan for $ per month. The contract includes a smart phone for which the customer pays $ Loud also sells the smart phone and monthly service plan separately, charging $ for the smart phone and $ for the monthly service for the unlimited talk and GB data wireless plan. On July Year the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and GB data plan for the remaining term of the contract months The unlimited talk and GB data plan is priced at $ per month. The $ per month is Louds current standalone price for this plan that is available to all customers. Loud has appropriately determined that the modification should be accounted for prospectively. Questions:
On July the contract receivable has a remaining balance of
As a result of Question the entity has
to allocate to the remaining months of service, or
per month.
please help me with correct amounts for Question and There are blanks that need to be filled
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