m 5.(8 pts) Record the journal entries required for Duncan Corporation for the various changes and errors discovered by the internal auditors in 2021. If no entry is required, write "No entry" entries left blank will be counted wrong. a. (4 pts) Duncan receives royalties equal to 10% of net sales on a patent it developed several years ago. Royalties are payable annually on February 1 for sales the previous year. Net sales subject to royalties for 2020 were expected to be $400,000. Accordingly, Duncan accrued royalty revenue of $40,000 at December 31 and received royalties of $42,000 on February 1, 2021. Duncan anticipates sales for 2021 will be $430,000. Prepare any journal entries Duncan should record during 2021 related to the royalty revenue. Date Account What is the total revenue Duncan will recognize in 2021? Dr Cr 127 arg S