The following are selected 2020 transactions of Kingbird Corporation Sept. Purchased inventory from Encino Company on account for $37,600. Kingbird records purchases gross and uses a periodic 1 inventory system. Oct. 1 Issued a $37,600, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $37,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $41.680 note. Your answer is incorrect. 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 $ 1020