At the end of $2023,$ Martinez Furniture Company failed to accrue $$71,000$ of interest expense that accrued during the last five months of $2023$ on bonds payable. The bonds mature in $2035.$ The discount on the bonds is amortized by the straight$-$line method. The following entry was recorded on February $1,2024,$ when the semiannual interest was paid:

$\backslash$table$[[$General Journal,Debit,Credit$],[$Interest expense,$85,200,],[$Discount on bonds payable,,$3,200],[$Cash$,82,000,]]$

Required:

$1-$a$.$ Prepare any journal entries necessary to correct the error, as well as any adjusting entry for $2024$ 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.

Prepare any journal entries necessary to correct the error, as well as any adjusting entry for $2024$ related to the situation described. $($Ignore income taxes.$)$

Note: 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.

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Journal entry worksheet

$1$

$2$

Record the entry to correct the error.