Required information Problem 9-1A 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 2017 and 2018. 2017 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms 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 8% annual interest along with paying $1,000 in cash. 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $54,000 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 maturity date. 28 Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 8 % interest-bearing note with a face value of $27,000 July Nov Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2018 Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A Part 1 Required: 1. Determine the maturity date for each of the three notes described. Fargo Bank Locust NBR Bank Maturity date 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) X Rate Principal Time Interest X Locust % X X NBR Bank Y Fargo Bank % X X 96 Year end accrual required for: Fargo Bank Principal x Rate Time Interest X % Interest to be accrued in 2017 X X Fargo Bank Year end accrual required for: Principal Rate Time Interest X Interest to be recorded in 2018 % X