ONEROUS CONTRACTS
LBI entered into twocontracts during 2021: with FloorTown Inc., to purchase flooring, and with C&P Lighting, to purchase lights. Both contracts were later determined to be onerous and the following provisions were recorded:
	FloorTown Inc.: $6,520
	C&P Lighting: $7,760
It is now December 28, 2021, and the provisions for FloorTown Inc. and C&P Lighting need to be reviewed for the December 31, 2021, year-end financial statements. The retail market prices for both contracts have changed since the original provisions were recorded. The expected revenues for the FloorTown Inc. flooring have decreased from $37,550 to $35,160, and the C&P Lighting lights are now expected to sell at a total profit of $9,650.
Using this information, record the adjustments for the provisions at year end .prepare the journal entry FLOOR TOWN INC and C & P LIGHTING CONTRACT SEPARETE JOURNAL ENTRIES