On January $1,2017,$ 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.Required:$1.$Calculate the transaction price for the smartphone and

unlimited talk and $5$ GB data wireless plan assuming that Loud

allocates consideration based on stand$-$alone prices$\mathrm{.}2.$Record the initial journal entry for Loud Company$$s sale of

a $2-$year contract on January $1,2017,$ and the monthly journal

entry.$$Calculate the transaction price for the smartphone and

unlimited talk and $5$ GB data wireless plan assuming that Loud

allocates consideration based on stand$-$alone

prices.$$Additional InstructionInitialStand$-$AloneAllocatedConsiderationSelling PriceTransaction PriceSmartphone$5$ GB plan$$Total consideration$$Additional InstructionAllocate using two one$-$hundreds of a percent. For example: $$649$

$/$ $$2,209=29\mathrm{.}38\%$ and round your answers to the nearest cent.