Brief Exercise 20-6 (Algo) Book royalties [LO20-4] Three programmers at Feenix Computer Storage. Incorporated, write an operating systems control manual for Hill-MCGraw Publishing. incorporated, for which Feenix recelves royalties equal to 12% of net sales. Royaltes are payable annually on February 1 for sales the previous year. The editor indicated to Feenix on December 31, 2024, that book sales subject to royalties for the year just ended are expected to be $240,000. Accordingly. Feenlx accrued royalty revenue of $28.800 at December 31 and received royaltues or $29.240 on February 1, 2025 What adjustments, If any, should be made to retained earnings or to the 2024 financial statements? Note: If no entry is requlred for a transaction/event, select "No Journal entry required" in the first account field. Journal entry worksheet Record adjustments to be made to retained earnings for 2024 financial statements. Note: Enter debits before credits