5.1 Prepare journal entries for all the preceding transactions and events for years 2014. (Do not round your intermediate calculations.) Apr 20, 2014 - Purchased $38,500 of merchandise on credit from Locust, terms are 1/10, n/30. Tyrell uses he perpetual inventory system. May 19, 2014 - Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $3,500 in cash. Jul 08, 2014 - Borrowed $54,000 cash from National Bank by signing a 120-day, 11% interest-bearing note with a face value of $54,000. Aug 17, 2014 - Paid the amount due on the note to Locust at the maturity date. Nov 05, 2014 - Paid the amount due on the note to National Bank at the maturity date. Nov 28, 2014 - Borrowd $33,000 cash from the Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $33,000. Dec 31, 2014 - Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 5.2 Prepare journal entries for all the preceding transactions and events for years 2015. (Do not round your intermediate calculations.) Jan 27, 2015 - Paid the amount due on the note to Fargo Bank at the maturity date.