Recording Revenue Under a Contract Modification Traders the enters in a three year office maintenance contract with its customer for $672,000 ($224,000 per years $224,000 per year is the standalone selling once for one year of maintenance 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 reduced to $176,000, and (2) the contract is extended for an additional two years for $320,000 160,000 per years the standalone seling price for one year of service at the time of modification is $192.000 Maintenance fees are billed annually by Traders c Answer the following questions, raunding each answer to the nearest whole dolar Record Traders inc's journal entry to recognize revenue for each of the first two years of the contract. Assume that the contract price was paid in cash Record Traders its journal entry to recogne revenue for each of the years three through five of the contrait, taking into account the contrac