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Tytus Co. entered into the following transactions involving short-term liabilities in 2010 and 2011. 2010 Apr.
Tytus Co. entered into the following transactions involving short-term liabilities in 2010 and 2011.Apr. 20 Purchased $38,500 of merchandise on credit from Frier, terms are 1/10, n/30. Tytus uses the perpetual inventory system.May 19 Replaced the April 20 account payable to Frier with a 90-day, $30,000 note bearing 9% annual interest along with paying $8,500 in cash.Borrowed $60,000 cash from Community Bank by signing a 120-day, 11% interest-bearing note with a face value of $60,000.__?__ Paid the amount due on the note to Frier at the maturity date.__?__ Paid the amount due on the note to Community Bank at the maturity date.Nov. 28 Borrowed $21,000 cash from UMB Bank by signing a 60-day, 8% interest-bearing note with a face value of $21,000.Dec. 31 Recorded an adjusting entry for accrued interest on the note to UMB Bank.2011__?__ Paid the amount due on the note to UMB Bank at the maturity date.Required:1.Determine the maturity date for each of the three notes described.2.Determine the interest due at maturity for each of the three notes. (Use 360 days a year. Do not round your intermediate calculations. Omit the "$" sign in your response.)3.Determine the interest expense to be recorded in the adjusting entry at the end of 2010. (Enter 0 if no interest is to be accrued. Use 360 days a year. Do not round your intermediate calculations. Round your final answers to 2 decimal places. Omit the "$" sign in your response.)4.Determine the interest expense to be recorded in 2011. (Use 360 days a year. Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)5.Prepare journal entries for all the preceding transactions and events for years 2010 and 2011. (Use 360 days a year. Do not round your intermediate calculations. Omit the "$" sign in your response.)
