Boylan received royalties of $40,000 on April 1, 2024, and $44,000 on October 1,2024 . Irving indicated to Boylan on December 31 that book sales subject to royalties for the second half of 2024 are expected to be $540,000. Required: 1. \& 2. Prepare any necessary journal entry related to royalty revenue for 2024 and record adjustment, if any, made to retained earnings in the 2023 financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits