Tyrell Co. entered into the following transactions involving short-term liabilities Year 1 Apr. 2e Purchased $35,508 of merchandise on credit from Locust, terms n/30 May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $500 in cash, July 8 Borrowed $54,800 cash from NBR Bank by signing a 120-day, 11%, 554, eee 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 $24.000 cash from Fargo Bank by signing 60-day, $24,00 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 thargo Bank at the tunity dates 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 erest to be acued in Yest 1 Fargo Bank x Rate X Time 54 26 Interest