7 Exercise 20-22 (Algo) Error correction; accrued interest on bonds (LO20-6] 2.5 points At the end of 2020, Majors Furniture Company failed to accrue $63,000 of interest expense that accrued during the last five months of 2020 on bonds payable. The bonds mature in 2032. The discount on the bonds is amortized by the straight-line method. The following entry was recorded on February 1, 2021, when the semiannual interest was paid: Print 75,600 References Interest expense Discount on bonds payable Cash 1,600 74,000 Required: 1-a. Prepare any journal entries necessary to correct the error, as well as any adjusting entry for 2021 related to the situation described. (Ignore income taxes.) 1-b. Prepare the journal entries that should have been recorded, if done correctly to start. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Prepare the journal entries that should have been recorded, if done correctly to start. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list le lifSL account lieu.) 7 View transaction list 2.5 points Journal entry worksheet 2 > Print References Record the interest payment on February 1, 2021 as it should have been recorded. Note: Enter debits before credits. Event General Journal Debit Credit 2 Interest expense Interest payable Discount on bonds payable Cash Record entry Clear entry View general journal