Required information Problem 9-1A (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 $35,000 of merchandise on credit from Locust, terms May 19 Replaced the April 20 account payable to Locust with a 90-day, 8\%, $35,000 note payable along with paying $0 in cash. July 8 Borrowed $69;000 cash from NBR Bank by signing a 120-day, 11\%, ? $69,000 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 signing a 60-day, 8\%, $27,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to December 31 Rargo Bank. Year 2 ? Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A (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