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Accounting

Required information
[The following information applies to the questions displayed below.]
Tyrell Company entered into the following transactions involving short-term liabilities.
Year 1
April 20 Purchased $38,000 of merchandise on credit from Locust, terms n30.
May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000
note payable along with paying $3,000 in cash.
July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10%,$54,000
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 $33,000 cash from Fargo Bank by signing a 60-day, 8%,$33,000
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.
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.
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