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 2016 and 2017 2016 Apr. 20 Purchased $39,000 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 8% annual interest along with paying $4,000 in cash. 8 Borrowed $57,000 cash from NBR Bank by signing $57,000. Paid the amount due on the note to Locust at the maturity date. Paid the a a 120-day, 11% interest-bearing note with a face value of July t due on the note to NBR Bank at the urity date. Nov. 28 Borrowed $24,0ee cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face value of $24,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 Paid the anount due on the note to Fargo Bank at the maturity date Problem 9-1A Part 3 3. Determine the interest expense to be recorded in the edjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year) Fargo Bank Year end accrual required for: Principal x Rate Time Interest Interest to be accrued in 2016 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 2016 and 2017 2016 Apr. 20 Purchased $39,000 of nerchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along May with paying $4,000 in cash July 8 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 maturity date. Nov. 28 Borrowed $24,00e cash from Fargo Bank by signing a 60-day, 6% interest-bearing note with a face value of $24,000. 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. Problem 9-1A 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 dollar. Use 360 days a year) Year end accrual required for Fargo Bank Principal Rate Time Interest % Interest to be recorded in 2017