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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
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 $35,000 of merchandise on credit from 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 $0 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11\%, $66,000 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. November 28 Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 6\%, $36,000 note payable. December 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. 4. Determine the interest expense recorded in Year 2. Note: Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year
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