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 $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the Apri1 20 account payable to Locust with a 90 -day, 78,535,000 note payable along With paying $500 in cash. July B Borroved $54,000 cash from NBR Bank by aigning a 120-day, 121, $54,000 note payable. -? P Paid the amount due on the note to Locust at the maturity date. November 28 Porrowed $36,000 cash from Fargo Bank by stank at the maturity date. December 31 Recorded an adjusting entry for accrued interest on the note, $36;000 note payable. Year 2 - 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 . Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year. Required information [The following information applles to the questions displayed below] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 Apri1 20 purchased $35,500 of merchandise on eredit from Locunt, terme n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 74, $35,000 note payable along with paying $500 in cash. July 8 Dorrowed $54,000 cash fron kin Bank by signing a 120-day, 126, \$54,000 note payable. - Paid the ainount due on the note to locust at the maturity date. Paid the amount due on the note to kBR Bank at the maturity date. Novenber 28 Borrowed $36,000 cash fron rargo Bank by signing a 60-day, 71,$36,000 note payable. Decenber 31 Recorded an adjusting entry for acerued interest on the note to Pargo bank. Year 2 - Paid the anount due on the note to Fargo Bank at the maturity date. Determine the interest expense recorded in Year 2. ote: Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year. Kequirea intormanon [The following information applies to the questions displayed bolow.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 Apri1 20 Purchaned 535,500 of nerehandise on eredit fron Locust, terma n/30. May 19 Replaced the Apri1 20 account payable to Locust with a 90-day, 71, $35,000 note payable along with paying $500 in cash. July 8 Dorrowed \$54,000 canh fron sine Bank by signing a 120-day, 120, \$54,000 note payable. - Paid the anount due on the note to Locust at the maturity date. Novenber 28 Paid the anount due on the note to FDR Bank at the aaturity date. Decenber 31 Recorded an adtuating entry foe aank by algning a 60-day, 71, $36,000 note payable. Deceaber 31 Recorded an adjusting entry for acerued interest on the note to Fargo Bank. Year 2 -? Poid the anount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations
