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XYZ Corp., U.S.-based company, bought parts from a South Korean supplier on December 1 , 2020, with 40 million Korean won to be paid on January 31, 2021. The following exchange rates applied: Assuming a forward contract was entered into on December 1, 2020, what would be the net impact on XYZ's 2020 income statement related to this foreign currency transaction? Assume an annual interest rate of 12% and a fair value hedge. The present value for one month at 12% is .9901. -. \$19,802 increase in net income - $8,000 decrease in net income - \$8,000 increase in net income - $11,802 decrease in net income. - $11,802 increase in net income - $19,802 decrease in net income