Recording Revenue Under a Contract Modification Traders Inc. enters into a three-year office maintenance contract with its customer for 6672.000 (1224,000 per yearn $224,000 per year as the standalone celing price for one year of mainance service. At the end of the second year, both parties agree to modify the maintenance contract as follows: (1) the fee for the third year is revond to $176,000, and (2) the contract is extended for an additional two years for $320.000 (116,000 per pears The standalone selling price for one year of service at the time of modification in $192,000 Maintenance feed annually by Traders inc Antwer the following questioins, rounding each answer to the nearest whole dollar Record Traders incs journal entry to recognize revenue for each of the first two years of the contract. Assume that the conerad price was paid in cash 40 Record Traders inc's journal entry to recognize revenue for each of the years three through five of the contrast, taking account the contract modification G Please answer all parts if the question