The January 1, Year 1 trial balance for the Clark Company is found on the trial balance tab. The beginning balances are assumed. Sanchez Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $41,750 of merchandise on credit from Taylor, terms n/30. May 19 Replaced the April 20 account payable to Taylor with a 90-day, 10%, $38,000 note payable along with paying $3,750 in cash. July 8 Borrowed $90,000 cash from NYR Bank by signing a 120-day, 98, $90,000 note payable. August 17 Paid the amount due on the note to Taylor at the maturity date. November 5 Paid the amount due on the note to NYR Bank at the maturity date. November 28 Borrowed $51,000 cash from Albany Bank by signing a 60-day, 81, $51,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Albany Bank. Year 2 January 27 Paid the amount due on the note to Albany Bank at the maturity date. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 payment Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Sanchez Company Calculation of interest expense August 17-Taylor note: Principal Interest rate Number of days' interest to be recorded in Year 1 Total interest expense-Year 1 $ 0