Please help with question E17-6

Thank you

mundon. 17.5 10 17.5 SHOW ME HOW Determine the Transaction Price Olan transaction Price On January 1, 2019, Loud Company enters into a 2 year contract with a cus 2010 loud Company el tomer for an unlimited talk and 5 GB data wireless plan for $65 per month. The contract includes amar for when the customer pays $299, Loud also sells the smartphone and monthly service plan separately, has 301 for the smartphone and S65 for the monthly service for the unlimited talk and 5 GB data wireless plan. Required: 1. Calculate the transaction price for the smartphone and unlimited talk and 5 GB data wireless plan assuming that Loud allocates consideration based on stand-alone prices. 2. Record the initial journal entry for Loud Company's sale of a 2 year contract on January 1, 2019, and the monthly journal entry. Contract Modification Assume the same facts as in E17-5. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $55 per month. The $55 per month is Loud's current stand-alone price for this plan that is available to all customers. 617-6 LO 17.2 LO 17,6 617.2 102 LO 176 Required: 1. How should Loud account for this contract modification? 2. Provide Loud's new monthly revenue recognition journal entry. Contract Modification Assume the same facts as in E17-5 and ignore E17-6. 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 price Table to all customers