On January $1,2022,$ Kismet Company acquired all of the outstanding stock of Palmer Company, a French firm at a cost of $$400,000.$ The net assets of Palmer on the date of acquisition were $700,000$ euros and the differential is due to the fair value of buildings being different than the book value. Palmer is depreciating these buildings over a ten$-$year period. Exchange rates during $2022$ were: DateRate $($$$/$euro$)$Description$01/01/22$$$0\mathrm{.}5407/01/22$$$0\mathrm{.}50($date of dividends$)12/31/22$$$0\mathrm{.}57($date of ending inventory purchase$)2022$ Average$$0\mathrm{.}53$ Assume that the functional currency of Palmer Company is in question. Kismet's accountants have been asked to prepare trial balances under both translation $($assuming functional currency $=$ euro$)$ and remeasurement $($assuming functional currency $=$ US dollar$)$: Account TitleBalance $($Euros$)$Rate $($$$)$Translated Balance $($$$)$Rate $($$$)$Remeasured Balance $($$$)$Cash$150,0000\mathrm{.}53$$$79,5000\mathrm{.}53$$$79,500$Accounts Receivable$200,0000\mathrm{.}53106,0000\mathrm{.}53106,000$Inventory$170,0000\mathrm{.}5390,1000\mathrm{.}5796,900$Plant and Equipment$400,0000\mathrm{.}53212,0000\mathrm{.}54216,000$Cost of Goods Sold$300,0000\mathrm{.}53159,0000\mathrm{.}54162,000$Operating Expenses$180,0000\mathrm{.}5395,4000\mathrm{.}5497,200$Depreciation Expense$40,0000\mathrm{.}5321,2000\mathrm{.}5421,600$Dividends$60,0000\mathrm{.}5030,0000\mathrm{.}5030,000$Subtotal$$793,200$$$808,200$Translation Adjustment $($to BS$)13,400$Remeasurement Loss $($to IS$)45,050$Total Debits$1,820,000$$$999,200$$$1,000,700$ Account TitleBalance $($Euros$)$Rate $($$$)$Translated Balance $($$$)$Rate $($$$)$Remeasured Balance $($$$)$Accumulated Depreciation$100,0000\mathrm{.}5353,0000\mathrm{.}5454,000$Accounts Payable$90,0000\mathrm{.}5347,7000\mathrm{.}5751,300$Notes Payable$250,0000\mathrm{.}53132,5000\mathrm{.}54135,000$Common Stock$540,0000\mathrm{.}54291,6000\mathrm{.}54291,600$Retained Earnings$450,0000\mathrm{.}54243,0000\mathrm{.}54243,000$Sales$390,0000\mathrm{.}53206,7000\mathrm{.}53206,700$Total Credits$1,820,000$$$999,200$$$1,000,700[$a$]$ calculated amount PART A: Journalize all entries that Kismet would record to the Investment in Palmer Company account during $2022$ under the equity method assuming the functional currency of Palmer is the euro. PART B: Journalize all entries that Kismet would record to the Investment in Palmer Company account during $2022$ under the equity method assuming the functional currency of Palmer is the US dollar.