Please provide step by step explanations/equations used to create the journal entries. Thank you!

Eximco Corporation (based in Champaign Illinois) has a number of transactions with companies in the country of Mongagua, where the currency is the mong. On November 30, 2015. Eximco sold equipment at a price of 500.000 mongs to a Mongaguan customer that will make payment on January 31.2016 In addition, on November 30, 2015 Eximco purchased raw materials from a Mongaguan supplier at a price of 300,000 mongs; it will make payment on January 31. 2016 To hedge its net exposure in mongs, Eximco entered into a two-month forward contract on November 30. 2015. to deliver 200.000 mongs to the foreign currency broker in exchange for $104.000 Eximco properly designates its forward contract as a fair value hedge of a foreign currency receivable The following rates for the mong apply Eximco's incremental borrowing rate is 12 percent. The present value factor for one month at an annual interest rate of 12 percent (1 percent per month) is 0.9901 Prepare all journal entries, including December 31 adjusting entries, to record these transactions and the forward contract. What is the impact on net income in 2015? What is the impact on net income in 2016