At the end of 2020, Majors Furniture Company failed to accrue $61,000 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:
Interest expense .............................................................. 73,200
Discount on bonds payable ............................................. 1,200
Cash .................................................................................. 72,000

Required:
Prepare any journal entry necessary to correct the error, as well as any adjusting entry for 2021 related to the situation described. (Ignore income taxes.)