Trinity Smith started Ridgeway Cycles, which specializes in retail sales of e$-$bikes. The business experienced the following events during its first year of operation.

Acquired $$70,000$ cash from the issue of common stock.

On February $1,$ Year $1,$ Ridgeway Cycles purchased merchandise inventory for $$45,000$ on account from True Sports Incorporated with terms $5/10$ n$/30.$

On February $8,$ Year $1,$ Ridgeway Cycles settled the payable with True Sports Incorporated. Record the recognition of the discount as $3$a and the payment of the payable as $3$b$.$