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Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [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 $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 88,$35,000 note payable along with paying $500 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11\%, $60,000 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 $27,000 cash from Fargo Bank by aigning a 60-day, 70, $27,000 note payable. December 31 Recorded an adjusting entry for acerued interest on the note to Fargo Bank. Year 2 -? Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 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