Contract Modification Assume the same facts as in E$17-5.$ On July $1,2019,$ the customer realizes that she needs$17\mathrm{.}2$less data in her wireless plan and downgrades to the unlimited talk and$2$GBdata plan for the remaining term of$17\mathrm{.}6$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. $7\mathrm{.}7$ Contract Modification Assume the same facts as in E$17-5$ and ignore E$17-6.$ On July $1,2019,$ the customer$17\mathrm{.}2$realizes that she needs a text messaging plan and adds an unlimited text messaging plan for the remaining term of$17\mathrm{.}6$the contract $(18$ months$).$ The unlimited text messaging plan is priced at$$15$per month. This is the current pric$-$