Required information Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $36,500 of merchandise on credit from Locust, terns n/30. Tyrell uses the perpetual inventory system May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 3% annual interest along with paying $1,500 in cash. July 3 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11% Interest-bearing note with a face value of $57,000. 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 saturity date. Nov. 28 Borrowed $36,000 cash from Fargo Bank by signing 60-day, at interest-bearing note with a face value of $36,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2017 Paid the amount due on the note to Fargo Bank at the maturity date. 5 Problem 11-1A Part 4 4. Determine the interest expense to be recorded in 2017 (Do not round intermediate calculations and round your final answers to nearest whole dollor. Use 360 days a year.) Year end accrual required for Fargo Bank Tiene Principal X Rate Tryterest Interest to be recorded in 2017