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need help calculating interest Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities.
need help calculating interest
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 $39,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 98, $35,000 note payable along with paying $4,500 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 10\%, $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 NBR Bank at the maturity date. November 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 78, $27,000 note payable. December 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. 2. Determine the interest due at maturity for each of the three notes. Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year Step by Step Solution
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