The following are selected 2020 transactions of Indigo Corporation. Sept. Purchased inventory from Encino Company on account for $44.800. Indigo records purchases gross and uses a periodic inventory 1 system. Oct. Issued a $44,800, 12 month, 8% note to Encino in payment of account Oct. Borrowed $44,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,760 note. Prepare journal entries for the selected transactions above. (If 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. Record entries in the order displayed in the problem statement.) Prepare adjusting entries at December 31. (If 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 O decimal places, eg. 5,125) Compute the total net liability to be reported on the December 31 balance sheet for