Exercise 13-2 The following are selected 2017 transactions of Novak Corporation. Sept. 1 Purchased inventory from Orion Company on account for $52,900. Novak uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Issued a $52,900, 12-month, 8% note to Orion in payment of Novak's account Borrowed $79,100 from the bank by signing a 12-month, non-interest-bearing $80,400 note Oct. 1 1 Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To record the issue of 8% note) (To record borrowing from bank) Prepare adjusting entries at December 31, 2017. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (To record interest on 8% note) (To record interest on borrowings) Calculate the net liability, in total, to be reported on the December 31, 2017 statement of financial position for(1) the interest-bearing note, and (2) the non-interest-bearing note. (Round answers to 0 decimal places, e.g. 5,275.) (1) The interest-bearing note (2) The non-interest-bearing