. 3 Required information The following information applies to the questions displayed below) art 3 of 5 Tyrell Co entered into the following transactions involving short-term liabilities in 2016 and 2017 53 Pin fence 2016 Apr. 20 Purchased $37,600 of merchandise on credit from Locust, terms 30. Tyrell uses the perpetual inventory system May 19 Replaced the April 20 account payable to locust with a 90-day, $35,000 note bearing annual interest along with paying 12.000 in cash July Borrowed $54,000 cash from Bank by signing 120 day, 105 Interest-bearing note with a face value of $54.000 Paid the amount due on the note to Locust at the maturity date. Pats the amount due on the note to NBR Bank at the naturity date Nov. 28 Borrowed 534,000 cash from Fargo Bank by signing a 60-day, o interest-bearing note with a face value of 524,000 Dec. 1 lecorded an adjusting entry for accrued interest on the note to Fargo Bank 2017 Pald the count due on the note to Fargo Bank at the maturity date. 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year.) Year end accrual required for Fargo Bank Principal * Rate Time Interest rences interest to be accrued in 2016