The following are selected 2020 transactions of Pronghorn Corporation.

Sept. 1		Purchased inventory from Orion Ltd. on account for $58,000. Pronghorn uses a periodic inventory system.
Oct. 1		Issued a $58,000, 12-month, 9% note to Orion in payment of Pronghorns account.
1		Borrowed $76,600 from the bank by signing a 12-month, noninterest-bearing $80,000 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)

SHOW LIST OF ACCOUNTS

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)

SHOW LIST OF ACCOUNTS

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		$