CALCULATOR FL The following are selected 2020 transactions of Sheffield Corporation Sept. 1 Purchased inventory from Encino Company on account for $54,800. Shemeld records purchases gross and uses a periodiventory system Oct. 1 Issued a $54,800, 12 month, 8% note to Encino in payment of account. Oct. 1 Borrowed $54,800 from the Shore Bank by signing a 12-month, zero interest-bearing $59.640 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry for the account titles and enter for the amount creates are automatically indented when amount is entered. De not indent manually. Record entries in the order displayed in the problem statement.) Date Account Tities and Explanation Debit Credit October 1 Prepare adjusting entries at December 31. (If no entry is required, select "No Entry for the account titles and enter for the amount. Credit accountries are automatically Indented when amount is entered. Do not indent manually. Round answers to decimal places, ... 5,125.) Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account title and enter for the amounts. Credit account des are putematically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, 9. 5,125.) Date Account Titles and Explanation Debit Credit December 31 (To record interest on the note) December 31 (To record discount on the note) 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