somheducation.com/videch.com Test Problem o Required information The following information applies to the questions displayed below Tyre Co entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $38,500 of merchandise on credit from Locust, terns e/30 May 19 Replaced the April 20 account payable to Locust with a 90-day, 6, 535,000 note payable along with paying 53,500 in cash. Suly 3 torrowed 56),000 cash from NSR Bank by signing - 120-day, 10%, 563,000 note payable. Paid the mount due on the note to Locust at the maturity date. Paid the amount due on the note to BR Bank at the maturity date. lov. 28 Borrowed $30,000 cash from Fargo lank by signing 50-day, 9, $30.000 note payable. Dec. 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. 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) Ferpotan Rate e . somheducation.com/videch.com Test Problem o Required information The following information applies to the questions displayed below Tyre Co entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $38,500 of merchandise on credit from Locust, terns e/30 May 19 Replaced the April 20 account payable to Locust with a 90-day, 6, 535,000 note payable along with paying 53,500 in cash. Suly 3 torrowed 56),000 cash from NSR Bank by signing - 120-day, 10%, 563,000 note payable. Paid the mount due on the note to Locust at the maturity date. Paid the amount due on the note to BR Bank at the maturity date. lov. 28 Borrowed $30,000 cash from Fargo lank by signing 50-day, 9, $30.000 note payable. Dec. 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. 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) Ferpotan Rate e