The T-27 in a full, refined form. Built by the Graingy aircraft company, the original T-27 was a cheep airplane meant to be mass produced as a trainer aircraft. The original T-27 was, however, not performing as well as hoped, this resulted in a second, sleeker, version being built. The new T-27 has multiple changes and improvements, including: new fuselage structure, better placement of the minigun that doesn't obstruct the pilot's vision, pylons allowing for 6 "things" (usually missiles) to be carried under the wings, better landing gear, better engines, larger size, bigger wings, no rear gun (it wasn't practical), a pylon under the fuselage to carry larger payloads, and more, smaller, changes. This example has the standard red and yellow paint job. Might be more info in comments