On March $1,$ QRS$,$ a U$.$S$.$ Company, sold inventory to a German supplier for $100,000$ euros to be paid on May $31.$ Assume the following exchange rates:

$$1\mathrm{.}2979,$ March $1$ spot rate

$$1\mathrm{.}3110,$ forward rate quoted on March $1$ for delivery on May $31$

$$1\mathrm{.}2987,$ spot rate on March $31$

$$1\mathrm{.}3123,$ forward rate quoted on March $31$ for delivery on May $31$

$$1\mathrm{.}3118,$ spot rate on May $31$

a$.$ Assuming that the books are closed at the end of the quarter and NO hedging activities are undertaken, what should be the journal entries for the US Company on March $1,$ March $31,$ and May $31?$

b$.$ Assuming that a forward contract is entered into and that the discount factor is $\mathrm{.}9803$ for $2$ months, what would be the journal entries on March $1,$ March $31,$ and May $31?$ Assume that the company designates this as a fair value hedge.