Help Save & E Ch Required information The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities, Year 1 Apr. 20 Purchased $40,25e of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 2e account payable to Locust with a 90-day, 10%, $35,eee note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. ? Paid the amount due on the note to Locust at the maturity date. 2 Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $42,eee cash from Fargo Bank by signing a 60-day, 8X, $42, eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 3. Determine the interest expenje recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculations Use 360 days a year.) Year End Accrual Required For: Fargo Bank Time Principal * Rate Interest Interest to be accrued in Year 1 % IX Help Save & E Ch Required information The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities, Year 1 Apr. 20 Purchased $40,25e of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 2e account payable to Locust with a 90-day, 10%, $35,eee note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. ? Paid the amount due on the note to Locust at the maturity date. 2 Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $42,eee cash from Fargo Bank by signing a 60-day, 8X, $42, eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 3. Determine the interest expenje recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculations Use 360 days a year.) Year End Accrual Required For: Fargo Bank Time Principal * Rate Interest Interest to be accrued in Year 1 % IX