ReterenceseBook Required Information 2. LP qured Inlormation 1.11 polnts Tyrell

Question

ReterenceseBook Required Information 2. LP qured Inlormation 1.11 polnts Tyrell Ca mered ino hetal owing ransactionsngsho- 201s and 2016 lhliis in 2. Dosemine the Intarost duc at matunity for cach or the throe notes. (Do not round your Intermedate ealeulations. Use 380 days a year 2015 Rute Leco tho pe penual invantoy ayrtom Mey 19 Replaced the Apri 20 account payable to Loco with 90 day. S36.000 note besing 9% annual merest elorgwnh peynq $1.500 n cash. NBR Bank . . Pald the emount cue on the none to Loco at th mMurry tete Peld the emount cuc on the notc to NDR Bank er th mtudec. Nov. 28 Borrowed S27.000 cash form Fargo Bank Jysqning d 60.de, 9% nterest. Dec 31 Raconced an adj.sring anlry fy aceruen interAG, an t rene to FarRank 20t0 3.I Required Information 1.11 points 3, Dete mine the nterest expense to be recorded n the edjusbrg entry ot the end of 2015 (Do not round your Intermediate calculations. Round your inal answer to nearest whele dollar. Use 360 days ay

Explanation / Answer

Principal X Rate X Time = Interest Loco 35000 X 9% X 90/360 = 788 NBR bank 60000 X 10% X 120/360 = 2000 Fargo bank 27000 X 9% X 60/360 = 405

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