Check my work Ine January 1, Year 1 trial balance for the Taylor Company is found on the trial balance tab. Ine beginning balances are assumed. Perry Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $46,750 of merchandise on credit from Parker, terms n/30. May 19 Replaced the April 20 account payable to Parker with a 90-day, 10%, $36,000 note payable along with paying $10,750 in cash. July 8 Borrowed $84,000 cash from AKR Bank by signing a 120-day, 10%, $84,000 note payable. August 17 Paid the amount due on the note to Parker at the maturity date. November 5 Paid the amount due on the note to AKR Bank at the maturity date. November 28 Borrowed $81,000 cash from Chicago Bank by signing a 60-day, 8%, $81,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 January 27 Paid the amount due on the note to Chicago Bank at the maturity date. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 payment Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Perry Company Calculation of interest expense August 17-Parker note: Principal Interest rate Number of days' interest to be recorded in Year 1 10.0% Total interest expense - Year 1 0 < Schedule of Payables Year 2 payment > ly 27 Paid the amount due on the note to Chicago Bank at the maturity date. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Prepare the January 27, Year 2 journal entry to record the payment of the Chicago note at maturity. Taylor Company does NOT prepare reversing entries. Date 1/27/Year 2 Account title Debit Credit < Calculation of Interest Year 2 payment