The following are selected 2020 transactions of Martinez Corporation. Sept. Purchased inventory from Encino Company on account for $46,400. Martinez records purchases gross and uses a periodic 1 inventory system. Issued a $46,400, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct Borrowed $46,400 from the Shore Bank by signing a 12-month, zero-interest-bearing $49.560 note 1 Your answer is correct. Prepare journal entries for the selected transactions above. (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. Record entries in the order displayed in the problem statement.) ate Debit Credit Account Titles and Explanation Purchases iber 1 46400 Accounts Payable 46400 :r 1 Accounts Payable 46400 Notes Payable 46400 1 Cash 46400 Discount on Notes Payable 3160 Notes Payable 49560 Your answer is correct. 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 decimal places, eg. 5,125.) Account Titles and Explanation Debit Credit Date December 31 Interest Expense 928 928 Interest Payable (To record interest on the note) December Interest Expense 31 790 Discount on Notes Payable 790 (To record discount on the note) Your answer is partially correct. Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note $ 47328 (2) The zero-interest-bearing note UA 47328