At the end of 2023, Martinez Furniture Company failed to accrue $67,000 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:

General Journal	Debit	Credit
Interest expense	80,400
Discount on bonds payable		2,400
Cash		78,000

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.