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The following are selected 2020 transactions of Shamrock Corporation. Purchased inventory from Encino Company on account for $42,800. Shamrock records purchases gross and uses a periodic inventory system. Sept. 1 Oct. 1 Issued a $42,800, 12-month, 8% note to Encino in payment of account. Oct 1 Borrowed $42,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $47,760 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credi October 1 Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit Date December 31 (To record interest on the note) December 31 (To record discount on the note) e Textbook and Media List of Accounts Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $ (2) The zero-interest-bearing note $

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