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The following are selected 2014 transactions of Sean Astin Corporation. Sept. 1 Purchased inventory from...

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Accounting

The following are selected 2014 transactions of Sean Astin Corporation. Sept. 1 Purchased inventory from Encino Company on account for $50,250. Astin records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $50,250, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $91,220 from the Shore Bank by signing a 12-month, zero-interest-bearing $97,580 noteCompute the total net liability to be reported on the December 31 balance sheet for

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