Exercise $9-31($Algo$)$ Purchase commitments $[$Appendix $9]$ In March $2024,$ the Metal Tool Company signed two purchase commitments. The first commitment requires Metal to purchase inventory for $\backslash (\backslash$$ $105,000\backslash )$ by June $15,2024.$ The second commitment requires the company to purchase inventory for $\backslash (\backslash$$ $155,000\backslash )$ by August $20,2024.$ The company's fiscal year$-$end is June $30.$ Metal uses a periodic inventory system. The first commitment is exercised on June $15,2024,$ when the market price of the inventory purchased was $\backslash (\backslash$$ $87,500\backslash ).$ The second commitment was exercised on August $20,2024,$ when the market price of the inventory purchased was $\backslash (\backslash$$ $122,500\backslash ).$ Required: Prepare the journal entries required on June $15,$ June $30,$ and August $20,2024,$ to account for the two purchase commitments. Assume that the market price of the inventory related to the outstanding purchase commitment was $\backslash (\backslash$$ $142,000\backslash )$ at June $30.$ Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.