Is my password entropy calculation correct? I have a password with a prescribed format: 

111 + (2 Random lowercase letters) + (random digit)


As you can see, it starts with a fixed value of 111, followed by two random lower case letters, and then lastly a random digit. Now, I would like to calculate the password entropy. To do so, I am calculating:

Fixed value 111  $\rightarrow \log_2(1) = 0\text{ bits}$
Two random lowercase letters $\rightarrow \log_2(26)\times2 = 9.4\text{ bits}$
One random digit $\rightarrow \log_2(10) = 3.3\text{ bits}$ 

This results in a total password entropy of $0 + 9.4 + 3.3 \text{ bits} = 12.7\text{ bits}$

Is this approach to calculate the password entropy correct, or am I missing something somewhere?
Yes, the computation is correct: the passwords will have an entropy of $\log_2(26^2\cdot10)\approx {12.7}$, which means that they are weaker than a randomly chosen secret key with 13 bits.