Question
Tyrell Co. entered into the following transactions involving short-term liabilities in 2015 and 2016. 2015 Apr. 20 Purchased $39,500 of merchandise on credit from Loco,
Tyrell Co. entered into the following transactions involving short-term liabilities in 2015 and 2016.
2015 Apr. 20 Purchased $39,500 of merchandise on credit from Loco, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Loco with a 90-day, $35,000 note bearing 7% annual interest along with paying $4,500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $66,000. __?__ Paid the amount due on the note to Loco 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 a 60-day, 7% interest-bearing note with a face value of $24,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
2016 __?__ Paid the amount due on the note to Fargo Bank at the maturity date.
1.
value: 15.00 points
Required information
Required: 1. Determine the maturity date for each of the three notes described.
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2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.)
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