On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $65 per month. The contract includes a smartphone for which the customer pays $299. Loud also sells the smartphone and monthly service plan separately, charging $649 for the smartphone and $65 for the monthly service for the unlimited talk and 5 GB data wireless plan.
Assume the same facts above. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrade to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $55 per month. The $55 per month is Loud's current stand-alone price for this plan that is available to all customers.
Required:
1. How should Loud account for this contract modification?
2. Provide Loud's new monthly revenue recognition journal entry.

Will give brainliest and 100 to best and correct project: benefit analysis study: small business expansion you are the owner of a small business that offers advertising services for your local homebuilding professionals. originally you were the only employee, working at your desktop at home. now your business is growing and you need to add more workers. the first assessment of your current situation: one worker, one desktop computer, one modem, one printer/scanner, one phone line (dsl). you also created a draft situation of what technology you will need if you add two more workers (three workers including yourself): three computers, one router, one printer/scanner, one phone line (wireless). do a one-page benefit analysis study that: compares the cost of adding two desktops vs. one or two laptops compares the cost of replacing the modem with a router/modem. compares the cost of building a wan vs. a lan or a vpn summarizes the total cost of maintaining your home office as the only computing space for your three-worker company. compare this cost with the option of building a network that includes your home office and two satellite locations. here are some questions you may want to consider: do i need a firewall to protect my company's data? are my two new workers' job responsibilities primarily mobile? are they going to be doing enough work in the field to justify owning laptops? what software needs to be installed in their computers for network connections (desktop vs. laptop)?! i will give 100 points and ! !