Note: Use 360 days a year. Year 1 ints eflook April 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from Nha Bank by signing a 120-day, 96, 580,000 note payable. August 17 Paid the amount due on the note to Locust at the maturity date. November 5 Paid the amount due on the note to Na Bank at the maturity date. November 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8, $42,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the dote to Fargo Bank. Year 2 Print January 27 Paid the amount due on the note to Fargo Bank at the maturity date. A eferences General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 payment Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Requirement Tyrell Company Calculation of interest expanse August 17-Locust note: Principal Interest rate Number of days' interest to be recorded in Year 11 ints eBook Print References Enter the principal amount, interest rate, and number of days of Interest to be recorded for each note. Verify that int expense agrees with your journal entries and the trial balance. Tyrell Company Calculation of interest expense August 17-Locust note: Principal Interest rate Number of days' interest to be recorded in Year 1 Total interest expense - Year 11