Required information The following information applies to the questions displayed below Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrel1 uses the perpetual inventory system May 19 Replaced theApril 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest alc g with paying $4,500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $63,000. 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 $27,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 $27,000 ?Paid the amount due on the note to Fargo Bank at the maturity date. 5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.) Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $4,500 in cash July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $63,000 ?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 $27,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 $27,000 ?-Paid the amount 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.) Principal x Rate x Time Interest Locust NBR Bank Fargo Bank Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $4,500 in cash. $63,000 Paid the amount due on the note to NBR Bank at the maturity date. $27,000. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, ie% interest-bearing note with a face value of Paid the amount due on the note to Locust at the maturity date Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2017 Paid the amount due on the note to Fargo Bank at the maturity date 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year.) Year end accrual required for: Fargo Bank Principalx Rate x TimeInterest Interest to be accrued in 2016 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $4,500 in cash July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $63,000 ?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 $27,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 $27,000 ?-Paid the amount due on the note to Fargo Bank at the maturity date 4. Determine the interest expense to be recorded in 2017. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) ear e nd accrual required for: Fargo Banlk Principalx Rate x Time Interest Interest to be recorded in 2017 Required information Answer is not complete. No Credit Apr 20, 2016 Merchandise inventory 39,500 paya 39,500 35,000 4,500 2 May 19, 2018 Notes paya Cash Jul 08, 2016 Cash 63,000 able-NBR Bank 63,000 4Aug 17, 201 875 Interest expense Cash 35,875 Nov 05, 2016 Interest expense 6,300 Cash 69,300 Nov 28, 2016 Cash 27,000 able Fargo Bank 27,000 Dec 31, 2016 2,160 ble 2,160 5.2 Prepare Journal entries for all the preceding transactions and events for 2017. (Do not round your Intermediate calculations.) Answer is not complete. No General Journal Debit Credit