The following are selected 2020 transactions of Bramble Corporation.

Sept. 1

Purchased inventory from Orion Ltd. on account for $52,000. Bramble uses a periodic inventory system.

Oct. 1

Issued a $52,000, 12-month, 9% note to Orion in payment of Brambles account.

1

Borrowed $77,800 from the bank by signing a 12-month, noninterest-bearing $80,700 note

Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Sept. 1Oct. 1Dec. 31
	(Purchase on account)
Sept. 1Oct. 1Dec. 31
	(Settlement of accounts payable by issuing a note)
Sept. 1Oct. 1Dec. 31
	(Borrowed cash and issued a note)

Prepare adjusting entries at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Sept. 1Oct. 1Dec. 31
	(To accrue interest expense on 9% note)
Sept. 1Oct. 1Dec. 31
	(To accrue interest expense on noninterest-bearing note)

Calculate the net liability, in total, to be reported on the December 31, 2020 SFP for (1) the interest-bearing note, and (2) the noninterest-bearing note.

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