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The following are selected 2020 transactions of Indigo Corporation. Sept. 1 Purchased inventory from Encino Company on account for $42,800. Indigo records purchases gross and uses a periodic inventory system Oct. 1 Issued a $42,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $42,800 from the Shore Bank by signing a 12-month zero-interest-bearing $47.760 note. ate Account Titles and Explanation Debit Credit nber 1 Purchases 42800 Accounts Payable 42800 er 1 Accounts Payable 42800 42800 Notes Payable 42800 Cash 4960 Discount on Notes Payable 67780 Notes Payable 86 Prepare adjusting entries at December 31. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manualy. Round answers to decimal places, es 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)