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thank you for your time Required Information (The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term

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Required Information (The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $40, 250 of merchandise on credit from Locust, terms 1/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 107, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 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. Nov. 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable. Dec. 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. (Do not round your intermediate calculations. Use 360 days a year.) Year End Accrual Required For: Principal * Rate Fargo Bank x Time % x Interest Interest to be accrued in Year 1 Tyrell Co. entered into the following transactions involving short-term liabilities Year 1 Apr. 20 Purchased $10,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 18% 135,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 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. Nov. 28 Borrowed 142,999 cash from Fargo Bank by signing a 60-day, 8%, $12,600 note payable. Dec, 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. 1. Determine the interest expense recorded in Year 2. (Do not round your intermediate calculations. Use 360 days a wear.) 4. Determine the interest expense recorded in Year 2 (Do not round your intermediate calculations Used year.) Year End Accrual Required for Principal Interest to be recorded in Year 2 %

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