Please correct my response. Thank you!

Cullumber Inc. issued $13,800,000 of 12%,40-year convertible bonds on November 1,2020 , at 97 plus accrued interest. The bonds were dated July 1, 2020, with interest payable January 1 and July 1. Bond discount (premium) is amortized semiannually on a straightline basis. On July 1, 2021, one-half of these bonds were converted into 60,000 shares of $1 par value common stock. Accrued interest was paid in cash at the time of conversion. (a) Prepare the entry to record the interest expense at December 31, 2020. Assume that accrued interest payable was credited when the bonds were issued. Credit Interest Payable for the full amount due; debit Interest Payable for the amount recognized at issuance. (Round to nearest dollar.) (b) Prepare the entry to record the conversion on July 1,2021. (Book value method is used) Assume that the entry to record amortization of the bond discount and interest payment has been made. No. Account Titles and Explanation Debit Credit (a) Interest Payable $552000 Interest Expense $277740 Discount on Bonds Payable Incremental Cash (b) Bonds Payable $6900000 Discount on Bonds Payable Common Stock Paid-in Capital in Excess of Par - Common Stock $6688316