Please help me solve this question.

Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $50,000, with terms 3/10,n/30. On February 10, the company pays on account for the inventory: Required: (o) Determine the financiai statement effects for the inventory purchase on account on February 2 . (b) Determine the financial statement effects for the payment on February 10 , Complete this question by entering your answers in the tabs below. Determine the financial statement effects for the inventory purchase on account on February 2 . (Amounts to be deducted should be entered x minus sign.) Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $50,000, with terms 3/10,n/30. On February 10 , the company pays on account for the inventory. Required: (a) Determine the financial statement effects for the inventory purchase on account on February 2 (b) Determine the financial statement effects for the payment on February 10. Complete this question by entering your answers in the tabs below. Determine the financial statement effects for the payment on February 10. (Amounts to be deducted should be entered with minus sign