Merchant Company had the following foreign currency transactions:

On November $1,20$X$6,$ Merchant sold goods to a company located in Munich, Germany. The receivable was to be settled in European euros on February $1,20$X$7,$ with the receipt of $250,000$ by Merchant Company.

On November $1,20$X$6,$ Merchant purchased machine parts from a company located in Berlin, Germany. Merchant is to pay $125,000$ on February $1,20$X$7.$

The direct exchange rates are as follows:

November $1,20$X$61=$ $$0\mathrm{.}60$

December $31,20$X$61=$ $$0\mathrm{.}62$

February $1,20$X$71=$ $$0\mathrm{.}58$

Required:

Record the T$-$accounts for the following transactions