The following are selected 2025 transactions of Metlock Corporation. Sept. 1 Purchased inventory from Encino Company on account for $69,000. Metlock records purchases gross and uses a periodic inventory system. Oct.1 Issued a $69,000,12 month, 8% note to Encino in payment of account. Oct. 1 Bocrowed $69,000 from the Shore Bank by signing a 12 -month, zero-interest-bearing $74,520 note. Prepare journal entries for the selected transactions above. AIf no entry is required, select "No Entry" for the occount titles and enter 0 for the amounk. Credit account titles are outomatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem stotement List oll debit entries before credit entries. Prepare adjusting entries at December 31 . If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Credit account titles ore automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,125. Ust all debit entries before credit entries.) 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