0 5 Required information (The following information applies to the questions displayed below.) Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,000 of merchandise on credit from Locust, ter n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, UN, $35,000 note payable along with paying $2,000 in cash. July 8 Borroved $60,000 cash from NR Bank by signing a 120-day, 111, $60,000 note payable Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NAR Bank at the maturity date. November 28 Borrowed $21,000 cash from Targo lank by signing a 60-day, 0, 921,000 note payable December 31 Recorded an adjusting entry for accrued interest on the note to Yargo Bank ES Year 2 _*_ Pald the amount due on the note to Fargo Bank at the maturity date. 3. Determine the Interest expense recorded in the adjusting entry at the end of Year 1. (Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.) Year End Accrual Required for Principal Fargo Bank Rate Time Interest Interest to be accrued In Year 1