Questions: 1. Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. 2020 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $130,000. The terms were 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $20,000 cash and replaced the $110,000 remaining balance of the account payable to Ferris Inc. with a 4%, 60-day note payable. Borrowed $120,000 from Scotiabank by signing a 3.5%, 90-day May 21 note. ? Paid the note to Ferris Inc. at maturity. ? Paid the note to Scotiabank at maturity. Dec. 15 Borrowed $95,000 and signed a 4.25%, 120-day note with National Bank Recorded an adjusting entry for the accrual of interest on the Dec.31 note to National Bank. 2021 ? Paid the note to National Bank at maturity