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 $60,000 at the end of each month. At the end of the contract, Velocity elther will give Burger Boy a refund of $20,000 or will be entitled to an additional $20,000 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 eam the $20,000 bonus and calculates the contract price based on the expected value of future payments be received. At the start of the fifth month, circumstances change, and Velocity revises to 60% its estimate of the probability that it will earn the bonus. At the end of the contract, Velocity receives the additional consideration of $20,000. Required: 1. Prepare the journal entry to record revenue at the end of each month for the first four months of the contract. 2. Prepare the journal entry that the Velocity Company would record at the start of the fifth month to recognize the change in estimate associated with the reduced likelihood that the $20,000 bonus will be received. 3. Prepare the journal entry to record the revenue at the end of each month for the second four months of the contract. 4. Prepare the journal entry after eight months to record receipt of the $20,000 cash bonus. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry to record revenue at the end of each month for the first four months of the contract. Fote: Enter debits belore credits. estimate associated with the reduced likelihood that the $20,000 bonus will be received. 3. Prepare the journal entry to record the revenue at the end of each month for the second four mont 4. Prepare the journal entry after eight months to record receipt of the $20,000 cash bonus. Note: If no entry is required for a transaction/evert, select "No journal entry required" in the first accol Journal entry worksheet Record the entry at the start of fifth month, to recognize the change in estimate associated with the reduced likelihood that the $20,000 bonus will be received. Note: Enter debits before credits. 2. Prepare the journal entry that the Velocity Company would record at the start of the fifth mont estimate associated with the reduced likelihood that the $20,000 bonus will be received. 3. Prepare the journal entry to record the revenue at the end of each month for the second four n 4. Prepare the journal entry after eight months to record receipt of the $20,000 cash bonus. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first Journal entry worksheet Record the entry to record revenue at the end of each month for the second four months of the contract. Note: Enter debits before credits. 2. Prepare the journal entry that the Velocity Company would record at the start of the fifth mor estimate associated with the reduced likelihood that the $20,000 bonus will be received. 3. Prepare the journal entry to record the revenue at the end of each month for the second four 4. Prepare the journal entry after eight months to record receipt of the $20,000 cash bonus. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first Journal entry worksheet Record the entry after eight months to record receipt of the $20,000 bonus. Note: Enter debits before credits