The following are selected 2020 transactions of Oriole Corporation. Sept. Purchased inventory from Encino Company on account for $58,800. Oriole records purchases gross and uses a periodic 1 inventory system Issued a $58,800, 12 month, 8% note to Encino in payment of account. Oct. Borrowed $58,800 from the Shore Bank by signing a 12 month, zero-interest-bearing $61,760 note. Oct. 1 1 (a) 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.) Date Account Titles and Enlamation Nahia - 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 $ 59976 (2) The zero-interest-bearing note $ 61760