An entity purchases $5,000 of inventory with terms 2/10,n/45 on December 28,2018 . The entity accounts for purchase discounts using the gross method. The entity pays the invoice on January 3, 2019. Required: ) Prepare the journal entry the entity records for the inventory purchase. How would the liability created in a) be classified on the 12/31/18 Balance Sheet? Prepare the journal entry the entity records for the payment of the invoice