Record the journal entries required for Duncan Corporation for the various changes and errors discovered by the internal auditors in 2019. If no entry is required, write "No entry' entries left blank will be counted wrong. Label your entries a (1),a(2), band c and write in proper journal entry format (separate lines for each account and amount and in proper Dr. Cr format (Label you debits and credits) a. (3 pts) In 2018, Duncan introduced a new line of products that carry a one-year warranty against manufacturer's defects. Based on industry experience, warranty costs were expected to approximate 4% of sales revenue. First-year sales were $300,000. An evaluation of the company's claims experience in late 2019 indicated that actual claims were less than expected3% of sales rather than 4%. Assuming sales were $450,000 and warranty expenditures in 2019 totaled $12,000. (1) Prepare the journal entry required on 1-1-19 to reflect this change. (2) Prepare the adjusting joumal entry on 12-31-19 to record the warranty expense b. (3 pts) In 2019, internal auditors discovered that Duncan Company, had debited an expense account for the $250,000 cost of a machine purchased on January 1, 2016. The machine's useful life was expected to be ten years with no residual value. Straight-line depreciation is used by Duncan. Ignoring income taxes, what journal entry will Duncan use to correct the error? = (3 pts) In 2019, Duncan changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2018, Duncan's inventories were $47,600 (average cost). Duncan's records indicated that the inventories would have totaled $64,000 at December 31, 2018, if determined on a FIFO basis. Ignoring income taxes, what journal entry, if any will Duncan use to reflect the change