Assume that your company purchases inventories from a supplier on December 15. The invoice specifies that payment is to be made on March 15 in Euros in the amount of 10,000 Euros. Your company operates on a calendar year basis. Assume the following exchange rates and the company does not enter into any hedging arrangements: 

December 15 $1.35 :1 Euro 

December 31 $1.37 :1 Euro 

March 15 $1.38 :1 Euro 

Requirement: Prepare the journal entry that needs to be made on March 15