On June 1, Maxwell Corporation (a US-based company) sold goods to a foreign customer at a price of 1,220,000 pesos and will receive payment in three months on September 1 On June 1. Maxwell acquired an option to sell 1,220,000 pesos in three months at a strike price of $0.088. The time value of the option is excluded from the assessment of hedge effectiveness, and the change in time value is recognized in net income over the life of the option Relevant exchange rates and option premia for the peso are as follows: Put Option Premium for September 1 Spot Rate (strike price $0.988) 5 0.888 $ 0.6851 June 30 0.0835 September 1 2.886 Date June 1 0.087 N/A Maxwell must close its books and prepare its second quarter financial statements on June 30 1-1. Assuming that Maxwell designates the foreign currency option as a cash flow hedge of a foreign currency receivable, prepare Journal entries for the export sale and related hedge in US dollars. a-2. What is the impact on net income over the two accounting periods? b-1. Assuming that Maxwell designates the foreign currency option as a fair value hedge of a foreign currency receivable, prepare journal entries for the export sale and related hedge in U.S. dollars. b-2. What is the impact on net income over the two accounting periods