! Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.) Tyrell Company entered into the following transactions involving short-term liabilitles. Year 1 April 20 Purchased $35,eee of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 2e account payable to Locust with a 90-day, 8X, $35, eee note payable along with paying $e in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%, $69, eee 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 $30,eee cash from Fargo Bank by signing a 6e-day, 8%, $30,eee 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 9-1A (Algo) Part 3 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.) Year End Accrual Required For: Fargo Bank Rate Time Principal Interest Interest to be accrued in Year 1 %