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Required information

Problem $9-1$A $($Static$)$ Short$-$term notes payable transactions and entries LO P$1$

$[$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 $$40,250$ of merchandise on credit from Locust, terms $\frac{n}{30}.$

May $19$ Replaced the April $20$ account payable to Locust with a $90-$day, $10\%,$$$35,000$ note payable along with paying $$5,250$ in cash.

July $8$ Borrowed $$80,000$ cash from NBR Bank by signing a $120-$day, $9\%,$$$80,000$ note payable.

$q,$

$q,$ Paid the amount due on the note to Locust at the maturity date.

$q,?-$ Paid the amount due on the note to NBR Bank at the maturity date.

November $\frac{?}{\text{b}\text{a}\text{r}}(28)$ Borrowed $$42,000$ cash from Fargo Bank by signing a $60-$day, $8\%,$$$42,000$ 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.

Problem $9-1$A $($Static$)$ Part $3$

$3.$ Determine the interest expense recorded in the adjusting entry at the end of Year $1.$

Note: Do not round your intermediate calculations. Use $360$ days a year.

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