Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 Apri1 20 Purchased $49,000 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 $5,060 in cash. July 8 Borrowed $60,000 cash fron NBR Bank by signing a 120-day, 11\%, $60,000 note payable. ? - Paid the omount due on the note to locust at the naturity date. Paid the amount due on the note to Ner Bank at the naturity date. Novenber 28 Borroned $33,000 cash from fargo Bank by s1gning a 60 -day, 3x,$33;000 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - Paid the amount due on the note to fargo Bank at the maturity date. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $4,690 of merchandise on credit from locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%,$35,600 note payable along with paying $5,000 in cash. July 8 Borrowed $60,060 cash from NBR Bank by signing a 120-day, 11\%, $60,600 note payable. - Paid the amount due on the note to locust at the maturity date. Paid the anount due on the note to NBR Bank at the maturity date. November 28 Borroned $33,000 cash from Fargo Bank by signing a 60 -day, 8x,$33,600 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - Paid the amount due on the note to Fargo Bank at the maturity date. 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. Note: Do not round intermediate colculations and round your final answer to nearest whole dollar. Use 360 days a year