*Problem 11-2A *Problem 11-2A The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly Jan. 2 Purchased merchandise on account from Nunez Company, $34,800, terms 3/10, n/30. (Blanco uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, $34,800 note to Nunez in payment of account. Mar. 31 Accrued interest for 2 months on Nunez note Apr. 1Paid face value and interest on Nunez note July 1 Purchased equipment from Marson Equipment paying $11,340 in cash and signing a 10%, 3-month, $56,400 note Sept. 30 Accrued interest for 3 months on Marson note Oct. 1 Paid face value and interest on Marson note Dec. 1 Borrowed $34,800 from the Paola Bank by issuing a 3-month, 8% note with a face value of $34,800 Dec. 31 Recognized interest expense for 1 month on Paola Bank