Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to compete with Burger King The contract spans eight months. Burger Boy promises to pay $78,000 at the beginning of each month. At the end of the contract, Velocity either will give Burger Boy a refund of $26,000 or will be entitled to an additional $26.000 bonus, depending on whether sales at Burger Boy at year-end have increased to a target level. At the inception of the contract, Velocity estimates an 80% chance that it will earn the $26,000 bonus and calculates the contract price based on the expected value of future payments to be received. After four months, c cumstances change, and Velocity revises to 60% its estimate of the probability that it wil earn the oed bonus. At the end of the contract, Velocity receives the additional consideration of $26,000 Required 1 to 4. Prepare the jounal enties related to the contract (If no entry is required for a trensaction/event, select "No journal entry required" in the first account field.) View transaction list Prine Journal entry worksheet