The following are selected 2020 transactions of Ayayai Corporation. Sept. Purchased inventory from Encino Company on account for $59,600. Ayayai records purchases gross and uses a periodic inventory 1 system. Oct. Issued a $59,600, 12-month, 8% note to Encino in payment of account. Borrowed $59,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $62.920 note. Prepare adjusting entries at December 31. Of 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 manually. Round answers to decimal places, 29.5.125) Date Account Titles and Explanation Debit Credit December 31 - (To record interest on the note) December 31 (To record discount on the note) 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