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 $38,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 99-day, 8, $35,600 note payable along with paying $3,500 in cash. July 8 Borrowed $66,600 cash froe NBR Bank by 5 igning a 120-day, 116,566,000 note payable. - Paid the anount due on the note to Locust at the maturity date. Paid the amount due on the note to NeR Bank at the maturity date. Novenber 28 Borrowed $30,600 cash from Fargo Bank by signing a 60 -day, 7%,$30,000 note payable. December 31 Recorded an adjusting entry for acerued interest on the note to Fargo Bank. Yeor 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. May 19 Replaced the April 20 account payable to Locust with a 99 -day, 80 , $35, 009 note payable along with paying $3,500 in cash. July 8 Borrowed $66,600 cash from N8R Bank by signing a 120 -day, 11x, $66,000 note payable. Paid the anount due on the note to Locust at the maturity date. Paid the amount due on the note to Ner Bank at the maturity date. November 28 Borrowed $30,060 cash from Fargo Bank by signing a 60 -day, TX, 530,600 note payable. December 31 Recorded an adjusting entry for accrued interest, on the note to fargo tank. Year 2 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 intermediate calculations and round your finol answer to nearest whole dollar. Use 360 days a year.) \$3,366 in cash. July 8 Borrowed $66,060 cash from Nan Bank by signing a 120-day, 11x, $66,060 note payable. Paid the amount due on the note to Locust at the maturity date. Novenber 28 Borrowed $30,000 cash from Fargo Bank by signing a 60 day, 7. , $39,000 note payable. December 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 intermediote calculations and round your final answer to nearest whole dollor. Use 360 doys a year.) Year 1 April 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, 85, $35,090 note payable along with paying $3,500 in cash. July 8 Borrowed $66,000 cash from NeR Bank by signing a 120-day, 11x, $66,060 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 $30,000 cash from Fargo Bank by 5 igning a 60-day, 7\%, $38,000 note payable. Decenber 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. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.)
