Anthony Financial Services performs bookkeeping and tax$-$reporting services to startup companies in the Oconomowoc area. On January $1,2025.$ Anthony entered into a $3-$year service contract with Sweet Acacia Tech. Sweet Acacia promises to pay $$9,600$ at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modified and the fee for the third year of services is reduced to $$7,600.$ In addition. Sweet Acacia agrees to pay an additional $$19,200$ at the beginning of the third year to cover the contract for $3$ additional years $($i$.$e$.4$ years remain after the modification$).$ The extended contract services are similar to those provided in the first $2$ years of the contract.

$($a$).$

$($b$)$

Prepare the journal entries for Anthony in $2027$ related to the modified service contract, assuming a prospective approach. $($Credit account tittes are outomatically indented when the amount is entered. Do not indent manualhy if no entry is required, select $"$No entry" for the account tites and enter $0$ for the amounts. List all debit entries before credit enties. Recordjournal entries in the orderpresented in the problem.

Date

Jan. $1\mathrm{.}2027$

Dec. $31,2027$

Account Titles and Explanation $$

Debit

Cred $$