! Required information [The following information applies to the questions displayed below.] f5 Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 ed May Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. 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. 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 $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. sk t aces Year 2 _?__ Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2. (Do not round your intermediate calculations. Use 360 days a year.) . C . OF INUV. 17 10 UUI lovit v Uuu | Dil | Bi IN vy 51616 0 UU"uay, 0, P4,vuu Tott Payduic: Dec. 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. of 5 1 4. Determine the interest expense recorded in Year 2. (Do not round your intermediate calculations. Fargo Bank Year End Accrual Required For: Interest Time Rate = Principal ipped % X Interest to be recorded in Year 2 Book Print erences