Revenue Recognition - Graded Assignment Question: On October 1, 2021 Jones & Hill, a consulting firm, enters a contract to help BGSE, a local pediatric dental provider, design a marketing strategy to compete with Kids Kings Dental. The contract spans ten months. BGSE promises to pay $45,500 at the end of each month. At the end of the contract, Jones & Hill either will give BGSE a refund of $17.500 or will be entitled to an additional $17,500 bonus, depending on whether services at BGSE at year-end have increased to a target level. At the inception of the contract, Jones & Hill estimates an 60% chance that it will earn the $17.500 bonus and calculates the contract price based on the expected value of future payments to be received At the beginning Harris of the fifth month after recording the day 31" entry, circumstances change, and Jones & Hill revises to 80% its estimate of the probability that it will earn the bonus At the end of the contract, Jones & Hill receives the additional consideration of 17.500 Assume Jones & Hill has a December 31" year-end. Required: Prepare the journal entries related to the contract at the end of the first month, fifth month of the contract to adjust to new estimate and entry at end of month based on new estimate, and the end of the contract Additionally, please indicate amounts to be reported on the balance sheet (ignore cash) and income statement on December 31, 2021 for Jones & Hill Journal Entry October 31 Balance Sheet - December 31, 2021 Income Statement - For Year-ended December 31, 2020 Entry on Feb 1 to adjust based on the revised estimate. February 28 entry Julyst entry