Only need help with part C The following are selected 2020 transactions of Wildhorse Corporation.Purchased inventory from Encino Company on account for $59,600. Wildhorse recordş purchases gross and uses aperiodic inventory system.Sept.Oct.Issued a $59,600, 12-month, 8% note to Encino in payment of account.Oct.Borrowed $59,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $62,480 note.1(a)Your answer is correct.Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in theorder displayed in the problem statement.)DateAccount Titles and ExplanationDebitCreditSeptember 1Purchases59600Accounts Payable eTextbook and MediaList of Accounts(c)Compute the total net liability to be reported on the December 31 balance sheet for:(1)The interest-bearing note2$(2)The zero-interest-bearing noteeTextbook and MediaList of Accounts%24

INTEREST BEARING NOTE ARE THOSE DEBT INSTRUMENTS ISSUED BY A COMPANY WHICH HAVE A SPECIFIED COUPON…

The following are selected 2020 transactions of Wildhorse Corporation. Purchased inventory from Encino Company on account for $59,600. Wildhorse recordş purchases gross and uses a periodic inventory system. Sept. 1 Oct. Issued a $59,600, 12-month, 8% note to Encino in payment of account. 1 Oct. Borrowed $59,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $62,480 note. 1