The following are selected 2020 transactions of Swifty Corporation. Sept. 1 Oct. 1 Purchased inventory from Encino Company on account for $51,200. Swifty records purchases gross and uses a periodic inventory system. Issued a $51,200, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $51,200 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,840 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 October 1 Account Titles and Explanation 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 31 December 31 (To record interest on the note) (To record discount on the note) Debit Credit 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