Elisa Diaz Technologies produces computer software that Batangas Solutions sells. Diaz Batangas Solutions pays royalties to Diaz Technologies on a semi-annual basis-on May 1 for sales made in July through December of the previous year and on November 1 for sales made in January through 5-30 | WIN Ballado's Accounting Fundamentals NAME: SECTION: Problem #3 Accrual of Royalties receives a royalty of 15% of sales. June of the current year. SCORE: PROFESSOR: Royalty expense for Batangas Solutions and royalty income for Diaz Technologies in the amount of P600,000 were accrued on Dec. 31, 2018. Cash in the amounts of P600,000 and P1,000,000 was paid and received on May 1 and Nov. 1, 2019, respectively. Software sales during the July to December 2019 period totaled P15,000,000. Required: 1. Calculate the amount of royalty expense for Batangas Solutions and royalty income for Diaz during 2019. 2. Record the adjusting entry that each entity made on Dec. 31, 2019