The following are selected 2020 transactions of Indigo Corporation. Sept. 1 Oct. 1 Oct. 1 (a) (b) (c) Purchased inventory from Encino Company on account for $59,400. Indigo records purchases gross and uses a periodic inventory system. Issued a $59,400, 12-month, 8% note to Encino in payment of account. Borrowed $59,400 from the Shore Bank by signing a 12-month, zero-interest-bearing $62,520 note. (2) 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 The zero-interest-bearing note eTextbook and Media List of Accounts $ 69 60588 56280
