On January 1,2019, Loud Company enters into a 2-year contract with a customer for an unilmited talk and 5GB data wireless plan for $64.00 per month. The contract includes a smartphone for which the customer pays $299.00. Loud also selis the smartphone and monthly service plan separately, charging $649.00 for the smartphone and $64.00 for the monthly service for the unlimited talk and 5 GB data wireiess plan. On July 1 , 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2GB data plan for the remaining term of the contract ( 18 months). The unlimited talk and 2GB data plan is priced at $45.00 per month. The $45.00 per month is Loud's current stand-alone price for this plan that is avallable to ali customers. Required: 1. How should Loud account for this contract modification? 2. Provide Loud's new monthly revenue recognition journal entry