Problem 9-1A Short-term notes payable transactions and entries LO P1 (The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018 2017 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms n/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 8% annual interest along with paying $4,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $54,000. 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. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $27,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2018 __?__ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A Part 3 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2017 (Do not round your intermediate calculations. Use 360 days a year.) Year end accrual required for: Fargo Bank Principal Rate Time = Interest Interest to be accrued in 2017