Case 6.2 Cocoa Corporation is a U.S. corporation that purchased 50,000 chocolate bars from a foreign manufacturer on 6/1/2018 for 80,000 foreign currency units, to be paid on 9/1/2018. On 6/1/2018 Cocoa also entered into an option contract to purchase 80,000 foreign currency units on 9/1/2018. Cocoa has a July 31 year end. Cocoa properly account for the transaction as Fair Value Hedge. Exchange rates are as follows Date 6/1/2018 7/31/2018 9/1/2018 t Rate $0.64 $0.66 $0.69 tion Price $800 $1,500 3,600 The option strike price was $0.645 Required 1. Record the journal entries needed by Cocoa on June 1, July 31, and September 1. Round all entries to the nearest whole dollar (10 points) Answer the following questions 2. a. What is the net impact on Cocoa's July 31, 2018 Stockholder equity related to this b. What is the accumulated net impact on Cocoa's Stockholder equity related to this C. What would have been the net impact on Cocoa's July, 31 2018 Stockholder equity d. What would have been the accumulated net impact on Cocoa's Stockholder equity transaction? (1 point) transaction at September 1, 2018? (1 point) related to this transaction if Cocoa had not entered in the Option Contract? (1 point) related to this transaction at September 1, 2018 if Cocoa had not entered in the Option Contract? (1 point) Was the company better- or worst off with the derivative contract? (1 point) e