Year 1 April 20 Purchased $40,600 of merchandise on credit fron Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 74,$35,000 note payable atong with paying $5,00 in cash. July 8 Borrowed $57,000 cash fron NBR Bank by signing a 120-day, 11\$, $57, 000 note payable. - Paid the anount due on the note to Locust at the naturity date. - Paid the anount due on the note to NBR Bank at the maturity date. Novenber 28 Borrowed $24, eee cash fron Fargo Bank by signing a 60 -day, 94,$24,000 note payable. Decenber 31 Pecorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - ? Paid the anount 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. Tyrell Company entered into the following transactions involving short-term liablities. Year 1 April 20 Purchased $40,600 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 98 -day, 74,535,000 note payable along with paying $5,000 in cash. July 8 Borrowed $57,000 cash fron NBR Bank by 5 igning a 120-day, 11%,$57,000 note payable. - Paid the anount due on the note to Locust at the maturity date. ? - Paid the anount due on the note to NBR Bank at the naturity date. Novenber 28 Borrowed $24,000 cash from Fargo Bank by signing a 60 -day, 9v, $24, eve note payable. Decenter 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - ? Paid the anount due on the note to Fargo Bank at the maturity date. 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. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $40,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 78,$35,0e note payable along with paying $5,000 in cash. Juty 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11\$, $57,000 note payable. -? - 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. November 28 Borrowed $24,000 cash frot Fargo Bank by $ igning a 60 -day, 9$,$24,000 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - Paid the anount 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 calculations and round your final answer to nearest whole dollar. Use 360 days a year
