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Based on past experience, Leickner Company expects to purchase raw materials from a foreign supplier at a cost of 1,700,000 marks on March 15, 2016. To hedge this forecasted transaction, the company acquires a three-month call option to purchase 1,700,000 marks on December 15, 2015. Leickner selects a strike price of $0.76 per mark, paying a premium of $0.001 per unit, when the spot rate is $0.76. The spot rate increases to $0.763 at December 31, 2015, causing the fair value of the option to increase to $6,000. By March 15, 2016, when the raw materials are purchased, the spot rate has climbed to $0.78, resulting in a fair value for the option of $34,000 a. Prepare all journal entries for the option hedge of a forecasted transaction and for the purchase of raw materials, assuming that December 31 is Leickner's year-end and that the raw materials are included in the cost of goods sold in 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete 0 Date General Journal Debit Credit 12/15/2015 Foreign currency option 1,700 Cash 1,700 2 12/15/2015 No journal entry required 12/31/2015 Foreign currency option Accum. other comprehensive income 4 12/31/2015 Option expense Accum. other comprehensive income 03/15/2016 Foreign currency option Accum. other comprehensive income 6 03/15/2016 Option expense Accum. other comprehensive income 03/15/2016 Foreign currency (marks) Cash 03/15/2016 Parts inventory Foreign currency (marks) 03/15/2016 Accum. other comprehensive income Adjustment to net income b. What is the overall impact on net income over the two accounting periods? (In case of negative impact on net income, answer should be entered with a minus sign.) Answer is not complete. 2015 2016 Impact on net income