At the end of 2020, Majors Furniture Company failed to accrue $70,000 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: 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. Prepare any journal entries necessary to correct the error, as well as any adjusting entry for 2021 related (Ignore income taxes.) (Do not round intermediate calculations and round your final answers to nearest w is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for interest on Dec. 31,2021. Note: Enter debits before credits. Prepare the journal entries that should have been recorded, if done correctly to start. (Do not round inte your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select the first account field.) Journal entry worksheet Record the adjusting entry for interest on Dec, 31,2020 as it should have been recorded. Note: Enter debits before credits. Prepare the journal entries that should have been recorded, if done correctly to start. (Do not round interm your final answers to nearest whole dollar amount. If no entry is required for a transaction/event, select "N the first account field.) Journal entry worksheet Record the interest payment on February 1, 2021 as it should have been recorded. Note: Enter debits before credits