Prepare all journal entries for the option hedge of a forecasted transaction and for the purchase of raw materials. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 12/15/2020 Foreign currency option 1,000 Cash 1.000 2 12/15/2020 No journal entry required 3 12/31/2020 Foreign currency option 7.500 Other comprehensive income 7.500 4 12/31/2020 Cost of goods sold 500 Other comprehensive income 500 5 03/15/2021 Foreign currency option 1,500 Other comprehensive income 1.500 6 03/15/2021 Cost of goods sold -7.500 % Other comprehensive income 7.500 7 03/15/2021 Foreign currency (francs) V 600,000 Cash 690.000 Foreign currency option 10.000 8 03/15/2021 Raw materials inventory V 800,000 Foreign currency (francs) 800,000 03/15/2021 Accumulated other comprehensive income 10.000 Cost of goods sold 10.000 10 03/15/2021 Cost of goods sold 800,000 Raw materials inventory 800,000 c. What is the net cash outflow to acquire the raw materials? * Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C 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 Impact on net income in 2020 (500] Impact on net income in 2021 S 509,500 (x C. Net cash outflow