Cancelled Contributions do Not Get Deducted from Pledge Total Paid Amount

Version Error initially Produced on: 3.4.4
Can this be Duplicated on Demo Site: Yes

ISSUE:
When a Contribution that is attached to a Pledge Payment is Cancelled, it does not get marked as Cancelled on the list of scheduled pledge payments. The total of the cancelled Contribution is also not subtracted from the Pledge's "Total Paid" amount and the payment schedule is not updated.

I have duplicated this error on the CiviCRM Drupal 6x demo site with the following Contact ID: 115
Contact Summary URL: http://drupal.demo.civicrm.org/civicrm/contact/view?reset=1&cid=115

STEPS TO REPEAT ERROR:
1. Create a new pledge for any amount.
2. Record the first payment for the pledge
3. Move to the Contributions Tab on the Contact Summary and Edit the Contribution you just created.
4. Change the Contribution status to "Cancelled" and save. The Contribution will now appear as "Cancelled" on the Contributions tab.
5. Navigate to the contact's Pledge tab and locate the Pledge the Cancelled Contribution belongs to.
6. You will see that the Pledge's "Total Paid" amount is unchanged, and if you expand the Payment Schedule you will see that the Cancelled Contribution still appears as "Completed" and that the Payment Schedule has not been updated. If you click on "View Payment" the View Contribution page will list the Contribution status as "Cancelled" in red.

I have attached a .mp4 illustrating the error in detail.