Problem 11-2A The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. Feb. Mar. Apr. July Sept. Oct. Dec. Dec. 2 1 31 1 1 30 1 1 31 Purchased merchandise on account from Nunez Company, $31,000, terms 3/10, n/30. (Blanco uses the perpetual inventory system.) Issued a 996, 2-month, $31,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note Purchased equipment from Marson Equipment paying $13,000 in cash and signing a 10%, 3-month, $68,400 note Accrued interest for 3 months on Marson note Paid face value and interest on Marson note. Borrowed $22,800 from the Paola Bank by issuing a 3-month, 8% note with a face value of $22,800. Recognized interest expense for 1 month on Paola Bank