Described below are three transactions of the Wyoming Farm Supply Company during 2020:

1. On June 15^th, the company purchased goods from Grain Growers Supply Company for $20,000, terms 3/10, n/30. Purchases and accounts payable are recorded at net of discount. The invoice was paid in full on June 24th.
2. On August 1^st, the company purchased equipment for $90,000 from Kubota Tractor Company, paying $10,000 in cash and signing a note for the remaining balance, due in one-year, plus 6% interest.
3. . On August 31^st, the company borrowed $250,000 cash and signed a $280,000, one-year zero-interest-bearing note due to Tri-State Bank Farmers Cooperative.

Instructions

1. Prepare the journal entries necessary to record the transactions above using appropriate dates.
2. Prepare the adjusting entries necessary at December 31, 2020 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts.
3. Prepare the portion of the balance sheet to show how the above transactions should be reflected in the Current Liabilities section of Wyoming Farm Supply Company as of December 31, 2020 balance sheet.