At the end of 2017, Majors Furniture Company failed to accrue $63,000 of interest expense that accrued during the last five months of 2017 on bonds payable. The bonds mature in 2029. The discount on the bonds is amortized by the straight-line method. The following entry was recorded on February 1, 2018, when the semiannual interest was paid: Interest expense75,600 Discount on bonds payable 1,600Cash 74,000

Required:1-a. Prepare any journal entry necessary to correct the error as well as the adjusting entry for 2018. (Ignore income taxes.)

1-b. Prepare journal entry that should have been recorded, if done correctly to start.