On June 1, Alexander Corporation sold goods to a foreign customer at a price of 1,000,000 pesos. It will receive payment in three months on September 1. On June 1, Alexander acquired an option to sell 1,000,000 pesos in three months at strike price of $0.045. Relevant exchange rates and option premiums for the peso are as follows: Date Spot Rate Call option Premium For September 1 (strike price $0.045) June 1 $0.045 $0.0020 June 30 0.048 0.0018 September 1 0.044 N/A Alexander must close its books and prepare its second-quarter financial statements on June 30. a. 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 US dollars. What is the impact on net income over the two accounting periods? b. Assuming that Alexander designates the foreign currency option as a fair value flow hedge of a foreign currency receivable, prepare journal entries for these transactions in US dollars. What is the impact on net income over the two accounting periods