E$17\mathrm{.}11$B $($L$03),($Repurchase Agreement$)$ Yates Inc. enters into an agreement on March $1,2025,$ to sell Jasper Metal Company aluminum ingots in $2$ months. As part of the agreement, Yates also agrees to repurchase the ingots in $60$ days at the original sales price of $$300,000$ plus $3\%.($Because Yates has an unconditional obligation to repurchase the ingots at an amount greater than the original sales price, the transaction is treated as a financing.$)$

Instructions

a$.$ Prepare the journal entry necessary on March $1,2025.$

b$.$ Prepare the journal entry for the repurchase of the ingots on May $1,2025.$