High Country', Inc., purchased inventory costing \($50,000\). Terms of the purchase were 5/10, n/30. In order to take advantage of the cash discount. High Country' borrowed \($40,000\) from Downtown First National, signing a 2-month. 12% note. The bank requires monthly interest payments. Make the entries to record the following:

1 . Initial purchase of inventory on account Payment to the supplier within the discount period Loan from the bank First months payment to the bank Second and final payment to the bank