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O 88 Collapse M Record the journal entries required for Duncan Corporation for the various changes and errors discovered by the internal stora in 2010. new entries en blank will be counted wrong Label your entries a (1), (2), band and write in proper journal entry format (separatelines for each account and around and in proper Dr. Cr format (Label you debits and credits) (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, we were expected to approximate 4% of sales revenue First year sales were $150,000. An evaluation of the company's clairs experience in late 2010 indicated that actual cams were less than expected-3% of sales rather than 4%. Assuming sales were $300,000 and warranty expenditures in 2010 totaled $12.000 (1) Prepare the journal entry required on 1-1-19 to reflect the change (2) Prepare the adjusting journal 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 $240.000 cost of a machine purchased on January 1 2017. The machine's useful life was expected to be eight years with no residual value Straight-line depreciation is used by Duncan Ignoring income taxes, what journal entry w Duncan use to correct the error? c. In 2010, the internal auditors of Duncan discovered that 2018 interest revenue of $4,000 were not recognized until they were received the cash in 2019. What journal entry wil Duncan use to correct the error? For the toolbar press ALTRO PIOR ALTINH10 M MacBook Pro G Search or type URL ME @ % 5 $ 4 > 0 8 7 6 8 9 2 3 D T R Y U I Q E W J H L S D G F N 3

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