Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 Apri1 20 Purchased $38,500 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 $3,500 in cash. July 8 . Borrowed $60,000 cash from KBR Bank by signing a 120-day, 10s, $60,000 note payab10. ? ? Paid the amount due on the note to Locust at the maturity date. November 28 Borroved amount due on the note to NBR Bank at the maturity date. December 31 Recorded an adjusting from Fargo Bank by aigning a 60-day, 61, $27,000 note payable. 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.)