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. Year 1 Apr. 20 Purchased $37,500 of merchandise on credit from Locunt, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 78, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 116, $57,000 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. Nov. 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 88, $30,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A Part 2 Problem 9-1A Part 2 Part 2 of 5 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use year.) Principal x Rate Time Interest 1.5 points Locust NBR Bank % X % X X ebook Fargo Bank X % X Ask Print Problem in us 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculations. Use 360 days a year.) Year End Accrual Required for: Fargo Bank Time Interest Principal X Rate % Interest to be accrued in Year 1 4. Determine the interest expense recorded in Year 2. (Do not round intermediate calculations and rour nearest whole dollar. Use 360 days a year.) Year end accrual required for: Fargo Bank Interest Rate Principal Time = % Interest to be recorded in Year 2