On September $5,2024,$ Howard Corporation signed a purchase commitment to purchase inventory for $$137,000$ on or before March $31,2025.$ The company$$s fiscal year$-$end is December $31.$ The contract was exercised on March $4,2025,$ and the inventory was purchased for cash at the contract price. On the purchase date of March $4,2025,$ the market price of the inventory was $$121,600.$ The market price of the inventory on December $31,2024,$ was $$126,300.$ The company uses a perpetual inventory system.

Required:

Prepare the necessary adjusting journal entry $($if any is required$)$ on December $31,2024.$

Prepare the journal to record the purchase on March $4,2025.$