At the end of 2020, Majors Furniture Company failed to accrue $64,500 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:

Interest expense 77,400

Discount on bonds payable 1,900

Cash 75,500

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.