known globally as one of the greatest musical acts of alltime
, The beatles recorded 20 singles that reached the top spot on the Billboard charts
;their songs, including Yesterday, which spent four weeks in the top spot,have been covered more often than those of any modern band.
Italics: Modifier - should modify the noun following the phrase.
The Beatles: Subject/Noun that has been modified
Recorded: Transitive Verb
20 Singles: Object of Transitive Verb
Pink Portion: essential clause modifying the object "20 singles"
As you have said, the participial phrase should modify the noun following the phrase and here the noun is "The Beatles" .
"The act of recording" is not a noun here. "Record" has been used as a verb(recorded) and not as a gerund (the beatles' recording)
"Appreciation is a wonderful thing. It makes what is excellent in others belong to us as well."
Press Kudos, if I have helped.