Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 Apr11 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 98,$35,000 note payable along with paying $4,500 in cash. July 8 Borrowod $66,000 canh from NBR Bank by signing a 120-day, 103,$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 $27,000 cash from Fargo Bank by signing a 60-day, 7t, $27,000 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. 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