On October 8, 2013, Gibson Shipping orders $25,000 of packing materials from Ironman Enterprises on account. This amount is due on November 15, 2013. On November 15, Gibson cannot make the $25,000 payment. Ironman grants the extension on the condition that Gibson sign a note that specifies 7% interest beginning on December 1, 2013, with a due date of May 31, 2014. Prepare entries to record the transactions on October 8, 2013; December 1, 2013, December 31, 2013, and May 31, 2014.