Required information (The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $38,588 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 2e account payable to Locust with a 90-day, 7%, $35,eee note payable along with paying $3,5ee in cash. July 8 Borrowed $68,eee cash from NBR Bank by signing a 120-day, 12%, $60,eee 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 $24, eee cash from Fargo Bank by signing a 68-day, 7%, $24.eee note payable. 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. Required: 1. Determine the maturity date for each of the three notes described. Locust Maturity date Aug. 17, Year 1 NBR Bank Nov. 5. Year 1 Fargo Bank Jan. 27. Year 2 Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilitles. Year 1 Apr. 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, 7%, $35,eee note payable along with paying $3,5ee in cash. July 8 Borrowed $68,eee cash from NBR Bank by signing a 120-day, 12%, $60,eee 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 $24, eee cash from Fargo Bank by signing a 68-day, 7%, $24.eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 __ Paid the anount due on the note to Fargo Bank at the maturity date. 2 Determine the Interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) Locust NBR Bank Fargo Bank 11 Principal X Rate 35,000 8% $ 83,000 10% x S 24,000 x Time Interest 90/3605 700 120/380 = $ 2.100 80/360 S 240 Required Information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $38,588 of merchandise on credit from Locust, terms n/38. May 19 Replaced the April 2e account payable to Locust with a 90-day, 7, $35,6ee note payable along with paying $3,5ee in cash. July 8 Borrowed $68,eee cash from NBR Bank by signing a 120-day, 12%, $60,eee note payable. 2_ Paid the amount due on the note to Locust at the naturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $24, eee cash from Fargo Bank by signing a 68-day, 7%, $24,8ee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the anount 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 your intermediate calculations. Use 360 days a year.) Year End Accrual Required for. Fargo Bank Time Principal Rate Interest Interest to be accrued in Year 1 Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $38,588 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 28 account payable to Locust with a 90-day, 7%, $35,eee note payable along with paying $3,5ee in cash. July 8 Borrowed $68,eee cash from NBR Bank by signing a 120-day, 12%, $60,eee 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 $24, eee cash from Fargo Bank by signing a 68-day, 7%, $24.eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the anount due on the note to Fargo Bank at the maturity date. 4. Determine the Interest expense recorded in Year 2. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) Year end accrual required for: Fargo Bank Time Principal x Rate Interest Interest to be recorded in Year 2 Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $38,588 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 28 account payable to Locust with a 90-day, 7%, $35,eee note payable along with paying $3,5ee in cash. July 8 Borrowed $60,eee cash from NBR Bank by signing a 120-day, 12%, 560,eee 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 $24, eee cash from Fargo Bank by signing a 60-day, 7%, $24.eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the anount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your Intermediate calculations.|| View transaction et 1 Purchased $38,500 of merchandise on credit from Locust, terms n/30. 2 Replaced the April 20 account payable to Locust with a 90-day, 79, $35,000 note payable along with paying $3,500 in cash. 3 Borrowed $60,000 cash from NBR Bank by signing a 120- day, 12%, $60,000 note payable. Credit Year 1 Apr. 20 Purchased $38,588 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,eee note payable along with paying $3,5ee in cash. July 8 Borrowed $68,eee cash from NBR Bank by signing a 120-day, 12%, $60,eee 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 $24,eee cash from Fargo Bank by signing a 60-day, 7%, $24.eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the anount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. (Do not round your Intermediate calculations.) View transaction Mat 4 Paid the amount due on the note to Locust at the maturity date. G 5 Paid the amount due on the note to NBR Bank at the maturity date. Borrowed $24,000 cash from Fargo Bank by signing a 50- day, 7%, 524,000 note payable. Recorded an adjusting entry for accrued interest on the note to Fargo Bank Credit 7 8 Paid the amount due on the note to Fargo Bank at the maturity date