Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $38,500 of merchandise on credit from Locust, terns n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 88 annual interest along with paying $3,500 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $54,000. __?_ 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 a 60-day, 6 interest-bearing note with a face value of $24,000. Dec. 31 Recorded an adjusting entry for acerued interest on the note to Fargo Bank. 2017 --> Paid the amount due on the note to Pargo Bank at the maturity date. Problem 9-1A Part 3 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year.) Year end accrual required for Fargo Bank Principal X Rate x Time = Interest Interest to be accrued in 2016