Tyrell Company entered into the following transactions involving short$-$term liabilities.

Year $1$

Year $2$

$\_\_\_$ Paid the amount due on the note to Fargo Bank at the maturity date.

Determine the interest expense recorded in the adjusting entry at the end of Year $1.$ Prepare journal entries for all the preceding transactions and events: Purchased $$37,500$ of merch on credit from Locust, terms n$/30.$ Replaced the April $20$ account payable to Locust with a $90-$day, $8\%,$ $$35,000$ note payable along with paying $$2,500$ in cash. Borrowed $$63,000$ cash from NBR Bank by signing a $120-$day, $11\%,$ $$63,000$ note payable.

Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use $360$ days a year.