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 liabilities. Year 1 April 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 78,$35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 12%,$54,000 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 $36,000 cash from Fargo Bank by $19ning a 60 -day, 8%,$36,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - ? Paid the amoint due on the note to Fargo Bank at the maturity date. Problem 9-1A (Algo) Part 2 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. 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 liabilities. Year 1 April 20 Purchased $37,000 of merchandise on credit froe Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 78,$35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 12%,$54,000 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 $36,000 cash from Fargo Bank by signing a 60 -day, 84,$36,000 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 9-1A (Algo) Part 3 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year. 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 liabilities. Year 1 April 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 7%,$35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 128, $54,000 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 $36,000 cash from Fargo Bank by 5 igning a 60 -day, 8$,$36,000 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 9-1A (Algo) Part 4 4. Determine the interest expense recorded in Year 2. Note: Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year