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Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. May

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

Year 1

April 20 Purchased $39,500 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 $4,500 in cash.
July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 10%, $69,000 note payable.
__?question mark__ Paid the amount due on the note to Locust at the maturity date.
__?question mark__ Paid the amount due on the note to NBR Bank at the maturity date.
November 28 Borrowed $21,000 cash from Fargo Bank by signing a 60-day, 7%, $21,000 note payable.
December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

Year 2

__?question mark__

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.

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

3. Determine the interest expense recorded in the adjusting entry at the end of Year 1.

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

4. Determine the interest expense recorded in Year 2.

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

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