The following are selected 2020 transactions of Blossom Corporation. Sept. 1. Oct. 1 Oct. 1 Purchased inventory from Ripken Company on account for $109,000. Blossom records purchases gross and uses a periodic inventory system. Issued a $109,000, 12-month, 12% note to Ripken in payment of account. Borrowed $109,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $126.000 note. (a) Your Answer Correct Answer Your answer is partially correct. Prepare adjusting entries at December 31. Use straight-line amortization for the discount. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation ember 31 Interest Expense Interest Payable (To record interest on the note) ember 31 Interest Expense Discount on Notes Payable (To amortize discount on the note) Debit 2180 2180 Credit 2180 2180