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what is the impact 2017 income /18? please show work. so confused on getting the answer No Credit Date 12/01/2017 General Journal Cost of goods

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No Credit Date 12/01/2017 General Journal Cost of goods sold Accounts payable (K) Debit 59,500.00 59,500.00 2 1 2/01/2017 No journal entry required 3 12/31/2017 1,700.00 Foreign exchange loss Accounts payable (K) 1,700.00 4 12/31/2017 2,083.14 Forward contract Accumulated other comprehensive 2,083.14 S8 EQ 25 12/31/2017 1,700.00 Accumulated other comprehensive incom Gain on forward contract 1,700.00 6 12/31/2017 425.00 Premium expense Accumulated other comprehensive income 425.00 03/01/2018 2,550.00 Foreign exchange loss Accounts payable (K) 2,550.00 03/01/2018 891.86 Forward contract Accumulated other comprehensive income 891.86 03/01/2018 2,550.00 Accumulated other comprehensive income Gain on forward contract 2,550.00 6 12/31/2017 425.00 Premium expense Accumulated other comprehensive income 425.00 7 03/01/2018 2,550.00 Foreign exchange loss Accounts payable (K) .. 2,550.00 8 03/01/2018 891.86 Forward contract Accumulated other comprehensive income 891.86 9 03/01/2018 2,550.00 Accumulated other comprehensive income Gain on forward contract 2,550.00 03/01/2018 850.00 Premium expense Accumulated other comprehensive income 850.00 11 03/01/2018 63.750.00 Foreign currency (K) Cash Forward contract 60,775.00 2,975.00 12 03/01/2018 Accounts payable (K) Foreign currency (K) 63,750.00 63,750.00 a-2. Impact on 2017 income a-3. Impact on 2018 income a-4. Impact on net income over 2017 and 2018

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