Exercise 13-2 (Part Level Submission) The following are selected 2017 transactions of Larkspur Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased Inventory from Encino Company on account for $46,800. Larkspur records purchases gross and uses a periodic inventory system. Issued a $46,800, 12-month, 8% note to Encino in payment of account. Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. (c) x Your answer is incorrect. Try again. Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note 936 (2) The zero-interest-bearing note 780