Exercise $20-22($Static$)$ Error correction; accrued interest on bonds $[$LO$20-6]$

At the end of $2023,$ Martinez Furniture Company failed to accrue $$61,000$ 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 $1,2021,$ 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 $2024$ related to the situation

described. $($Ignore income taxes.$)$

$1-$b$.$ Prepare the journal entries that should have been recorded, if done correctly to start.

Complete this question by entering your answers in the tabs below.

Prepare the journal entries that should have been recorded, if done correctly to start.

Note: Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the

first account field.

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