Tytus Co. entered into the following transactions involving short term liabilities in 2014 and 2015. 2014 Apr 20 Purchased $38,500 of merchandise on credit from Frier terms are 1/10, n/30. Tytus uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Frier with a 90- day, $30,000 note bearing 9% annual interest along with paying $8,500 in cash. July 8 Borrowed $60,000 cash from Community Bank by signing a 120-day, 10% interest-bearing note with a face value of $60,000. date maturity date day, 8% interest-bearing note with a face value of $21,000. to UMB Bank. Paid the amount due on the note to Frier at the maturity Paid the amount due on the note to Community Bank at the Now. 28 Borrowed $21,000 cash from UMB Bank by signing a 60- Dec. 31 Recorded an adjusting entry for accrued interest on the note 2015 - Paid the amount due on the note to UMB Bank at the maturity date 6.25 points 4. Determine the interest expense to be recorded in 2015. (Use 360 days a year. Do not round your intermediate calculations. Omit the "$" sign in your response.) Interest expense in 2015 References