Potter Corporation $($a U$.$S$.$ company in Colorado$)$ had the following transactions in Thai baht during $2024$:

April $1$ Bought inventory costing $150,000$ Thai baht on credit.

May $1$ Sold $70\%$ of the inventory for $110,000$ Thai baht on credit.

August $1$ Collected $40,000$ Thai baht from customers.

October $1$ Paid $100,000$ Thai baht to creditors.

The appropriate exchange rates during $2024$ were as follows:

Date Exchange Rate

April $1,2024$ $ $0\mathrm{.}036=1$ baht

May $1,2024$ $ $0\mathrm{.}026=1$ baht

August $1,2024$ $ $0\mathrm{.}031=1$ baht

October $1,2024$ $ $0\mathrm{.}034=1$ baht

December $31,2024$ $ $0\mathrm{.}032=1$ baht

Required:

Prepare all journal entries in U$.$S$.$ dollars along with any December $31,2024,$ adjusting entries. Potter uses a perpetual inventory system.