On June 1, Alexander Corporation sold goods to a foreign customer at a price of 1,230,000 pesos and will receive payment in three months on September 1. On June 1, Alexander acquired an option to sell 1,230,000 pesos in three months at a strike price of $0.057. Relevant exchange rates and option premiums for the peso are as follows: Date Spot Rate Put Option Premium for September 1 (strike price $0.057) June 1 $ 0.057 $ 0.0024 June 30 0.060 0.0021 September 1 0.055 N/A Alexander must close its books and prepare its second-quarter financial statements on June 30. a-1. Assuming that Alexander designates the foreign currency option as a cash flow hedge of a foreign currency receivable, prepare journal entries for these transactions in U. S. dollars. a-2. What is the impact on net income over the two accounting periods