The following are selected 2020 transactions of Splish Corporation. Sept. 1 Oct. Purchased inventory from Encino Company on account for $59,600. Splish records purchases gross and uses a periodic inventory system. Issued a $59,600, 12-month, 8% note to Encino in payment of account. 1 Oct. 1 Borrowed $59,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $62,480 note. 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 Explanation September 1 Purchases Accounts Payable October 1 Accounts Payable Notes Payable October 1 Cash Discount on Notes Payable Notes Payable Debit Credit Prepare adjusting entries at December 31. (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. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation December Interest Expense 31 December Interest Payable (To record interest on the note) 31 Interest Expense Discount on Notes Payable (To record discount on the note) List of Accounts Debit 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 $ Credit