Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions disployad below.] Tyrell Company entered into the following transactions involving short-term Bablities. Year 1 April 26Purchased$39,020ofmerchandiseoncreditfromLocust,termsn/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 84 , $35, e00 note payable along with paying $4,000 in cash. July 8 Borrowed $54,000 cash fron NaR Bank by 5 igning a 120-day, 12\%, - Paid the anount due on the note to Locust at the naturity date. -?- Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $36, 000 cash fron. Fargo Bank by signing a 60 -day, 98, December 31 Recorded an adjusting entry for accrued interest on the note to Year 2 - 3 - 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 rocorded 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. Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed beiow.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $39,000 of merchandise on credit fron Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8\%, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 12\%, $54,060 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 naturity date. November 28 Borrowed $36,000 cash from Fargo Bank by signing a 66-day, 98, 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