RequireU LUGLIOLI Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 (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 $39,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 74, $35,000 note payable along with paying $4,000 in cash. July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 118, $69,000 note payable. 2 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 signing a 60-day, 71, $30,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 2 Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A (Algo) Part 4 4. Determine the Interest expense recorded in Year 2. (Do not round intermediate calculations and round your final answers nearest whole dollar. Use 360 days a year.) Year End Accrual Required For: Principal Fargo Bank Rate Time % Interest Interest to be recorded in Year 2