On June 1, Maxwell Corporaton (a U.S. based company) sold goods to a foreign customer at a price of 1,420,000 pesos and will recefve payment in three months on September 1 . On June 1, Maxwell acquired an option to sell 1,420,000 pesos in three months at a stilke price of $0.104. The time value of the option is excluded from the assessment of hedge effectlveness, and the change in tinie value is recognized in net income over the life of the option. Relevant exchange rates and option premia for the peso are as follows Maxwell must close its books and prepare its second-quarter financlal statements on June 30. Q-1. Assuming that Maxwell designates the forelgn currency option as a cash flow hedge of a foreign currency recelvable, prepare journal entries for the export sale and related hedge in U.S. dollars. 0.2. What is the impact on net income over the two accounting perlods? b-1. Assuming that Maxwell designates the foreign currency option as a fair value hedge of a foreign currency recelvable, prepare journal entries for the export sale and related hedge in U.S. doltars. b-2. What is the impact on net income over the two accounting periods? Answer is not complete. Complete this question by entering your answers in the tabs below. Assuming that Maxwell designates the foreign currency option as a cash flow hedge of a foreign currency recelvable, prepare fournal entries for the export sale and related hedge in U.S. dollars. (Do not round intermediate calculations. If no entry is fequired for a transaction/event, select "No fournal entry required" in the first account field.)