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 2016 and 2017 2016 Apr. 20 Purchased $38,500 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 89 annual interest along with paying $3,500 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 108 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 $24,000 cash from Pargo Bank by signing a 60-day, 68 interest-bearing note with a face value of $24,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A Part 4 4. Determine the interest expense to be recorded in 2017. (Do not round Intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) Year end accrual required for: Fargo Bank x Time Principal X Rate - Interest Interest to be recorded in 2017