Tyrell co. entered into the following transactions involving short-term liabilities in 2014 and 2015. 2014 apr. 20 purchased $40,250 of merchandise on credit from locust, terms are 1/10, 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 10% annual interest along with paying $5,250 in cash. july 8 borrowed $80,000 cash from national bank by signing a 120-day, 9% interest-bearing note with a face value of $80,000. paid the amount due on the note to locust at the maturity date. paid the amount due on the note to national bank at the maturity date. nov. 28 borrowed $42,000 cash from fargo bank by signing a 60-day, 8% interest-bearing note with a face value of $42,000. dec. 31 recorded an adjusting entry for accrued interest on the note to fargo bank. 2015 paid the amount due on the note to fargo bank at the maturity date.