The following are selected 2017 transactions of Shamrock Corporation.

Sept. 1		Purchased inventory from Encino Company on account for $59,600. Shamrock records purchases gross and uses a periodic inventory system.
Oct. 1		Issued a $59,600, 12-month, 8% note to Encino in payment of account.
Oct. 1		Borrowed $59,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $62,920 note.

Prepare journal entries for the selected transactions above

Prepare adjusting entries at December 31.

Compute the total net liability to be reported on the December 31 balance sheet for:

(1)		The interest-bearing note		$
(2)		The zero-interest-bearing note		$