Q3. Error correction; accrued interest on bonds [LO20-6] At the end of 2020, Majors Furniture Company failed to accrue $75,000 of interest expense that accrued during the last six months of 2020 on bonds payable. The bonds mature in 2032. The following entry was recorded on January 1, 2021, when the semiannual interest was paid: Interest expense 75,000 Cash 75,000 Required: 1. Prepare the journal entries that should have been recorded, if done correctly to start. 2. Prepare any journal entries necessary to correct the error (Ignore income taxes)