PROBLEM IIIA $(33$ Points$)$

$a.$ Summer Inc. $(aU.S-$based company$)$ made a sale $to$ a foreign customer $on$ January $15,$ for

$100,000$ euros. $It$ received payment $on$ April $15.$ The following exchange rates for $1$ Euro apply:

REQUIRED: Prepare all journal entries for Summer Inc. $in$ connection with this export sale, assuming that

the company prepares financial statements $on$ March $31,2025.$

$b.$ Splash Inc. $(aU.S-$based company$)$ made a purchase from a foreign supplier $on$ January $15,$ for

$100,000$ euros. $It$ paid for the purchase $on$ April $15.$ The following exchange rates for $1$ Euro apply:

REQUIRED: Prepare all journal entries for Splash Inc. $in$ connection with this import purchase, assuming

that the company prepares financial statements $on$ March $31,2025.$