E13.2 (LO 1) Excel (Accounts and Notes Payable) The following are selected 2020 transsctions of Astin Corporation. Sept. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $50,000,12-month. 8\% note to Encino in payment of account. Oct. 1 Borrowed $50,000 from the shore Bank by signing a 12 month, nero interest bearing $54,000 note. Instructions a. Prepare journal entries for the selected transactions above. b. Prepare adjusting entries at December 31 . c. 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. P13.2 (LO 1, 3) Excel (Liability Entries and Adjustments) Listed below are selected transactions of Schultz Department Store for the current year ending December 31. 1. On December 5 , the store received $500 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. 4. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years, Schultz estimates the fair value of the obligation at December 31 is $84,000. Instructions Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31 . Date each entry. For simplicity, assume that adjusting entries are recorded only once a year on December 31