Required information [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 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 $2,000 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 11%,$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. Novenber 28 Borrowed $24,000 cash from Fargo Bank by s1gning a 60-day, 8x, $24,000 note payable. Decenber 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. 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.)