Assignment Saved Help Save & Exit Check Required information (The following information applies to the questions displayed below) Tyrell Co, entered into the following transactions involving short-term liabilities, Year 1 Apr. 20 Purchased $40,25 of merchandise on credit from Locust, terke /30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 106, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 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. Nov. 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8%, 542,000 note payable. Dec. 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 naturity date. est 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. (Do not round your inter Use 360 days a year.) Year End Accrual Required For: Principal x Rate Fargo Bank Time % X Interest Interest to be accrued in Year 1 4. Determine the interest expense recorded in Year 2. (Do not round your intermediate calculation Year End Accrual Required For: Fargo Bank Principal Rate Time Interest Interest to be recorded in Year 2 % X Required information Journal entry worksheet of 5 Purchased $40,250 of merchandise on credit from Locust, terms n/30. ook Note: Enter debits before credits. General Journal Debit Credit ences Date Apr 20 Record entry Clear entry View general journal CO