Please assist in REQ B AND C : I have included the journal entries for asistance in answering the question.

Based on past experience, Maas Corp. (a U.S.-based company) expects to purchase raw materials from a foreign supplier at a cost of 1,200,000 francs on March 15, 2021. To hedge this forecasted transaction, on December 15, 2020, the company acquires a call option to purchase 1,200,000 francs in three months. Maas selects a strike price of $0.60 per franc when the spot rate is $0.60 and pays a premium of $0.002 per franc. The spot rate Increases to $0.606 at December 31, 2020, causing the fair value of the option to Increase to $9.000. By March 15, 2021, when the raw materials are purchased, the spot rate has climbed to $0.62, resulting in a fair value for the option of $24,000. The raw materials are used in assembling finished products, which are sold by December 31, 2021, when Maas prepares its annual financial statements. a. Prepare all Journal entries for the option hedge of a forecasted transaction and for the purchase of raw materials. b. What is the overall impact on net income over the two accounting periods? c. What is the net cash outflow to acquire the raw materials? No Date General Journal Debit Credit > 1 12/15/2020 2,400 Foreign currency option Cash 2.400 2 12/15/2020 No journal entry required 3 12/31/2020 6,600 Foreign currency option Other comprehensive income 6,600 4 12/31/2020 600 Cost of goods sold Other comprehensive income 00 600 5 03/15/2021 15,000 Foreign currency option Other comprehensive income >> 15,000 6 03/15/2021 1,800 Cost of goods sold Other comprehensive income 1,800 7 03/15/2021 744,000 Foreign currency (francs) Cash Foreign currency option >>> 720,000 24,000 8 03/15/2021 744,000 Raw materials inventory Foreign currency (francs) O 744,000 9 03/15/2021 24,000 Accumulated other comprehensive income Cost of goods sold O 24,000 10 03/15/2021 744,000 Cost of goods sold Raw materials inventory >> 744,000 b. What is the overall impact on net income over the two accounting periods? (Negative amounts should be entered with a minus sign.) c. What is the net cash outflow to acquire the raw materials? Impact on Net Income b. Impact on net income in 2020 Impact on net income in 2021 Net cash outflow C