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Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 28 Purchased $35,580 of merchandise on credit from Locust,
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 28 Purchased $35,580 of merchandise on credit from Locust, terms n/38. Tyrell uses the perpetual inventory May 19 Replaced the April 20 account payable to Locust with a 96-day, $35,000 note bearing 7% annual interest July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 18% interest-bearing note with a face value of system along with paying $588 in cash $54,8ee 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 $21,000 cash from Fargo Bank by signing a 60-day, 9% interest-bearing note with a face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2018 $21,8e Paid the amount due on the note to Fargo Bank at the maturity date 2. Determine the interest due at maturity for each of the three notes. (Do not round your Intermedlete calculetlons. Use 360 days a year.) Answer is complete but not entirely correct. x Rate Locust NBR Bank Fargo Bank 5,000x 54,000 2 |x | 1001% 1x | 90/3600- 21.000 x 8,900 16,200 3 11,340
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