what is the impact on 2017 income, impact on 2018 income and impact on net imcome over 2017 and 2018? Please show work, really confused.

Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017, with payment of 17,000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 17,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date December 1, 2017 December 31, 2017 March 1, 2018 Spot Rate $ 3.50 3.6e Forward.Rate (to March 1, 2018) $ 3.575 3.700 N/A 3.75 Brandlin's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent 1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at December 31 Credit Date 12/01/2017 General Journal Cost of goods sold Accounts payable (K) Debit 59,500.00 59,500.00 12/01/2017 No journal entry required 12/31/2017 1,700.00 Foreign exchange loss Accounts payable (K) 1,700.00 12/31/2017 2,083.14 Forward contract Accumulated other comprehensive income 2,083.14 12/31/2017 1,700.00 Accumulated other comprehensive income Gain on forward contract 1,700.00 12/31/2017 425.00 Premium expense Accumulated other comprehensive income 425.00 Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017, with payment of 17,000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 17,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date December 1, 2017 December 31, 2017 March 1, 2018 Spot Rate $ 3.50 3.6e Forward.Rate (to March 1, 2018) $ 3.575 3.700 N/A 3.75 Brandlin's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent 1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at December 31 Credit Date 12/01/2017 General Journal Cost of goods sold Accounts payable (K) Debit 59,500.00 59,500.00 12/01/2017 No journal entry required 12/31/2017 1,700.00 Foreign exchange loss Accounts payable (K) 1,700.00 12/31/2017 2,083.14 Forward contract Accumulated other comprehensive income 2,083.14 12/31/2017 1,700.00 Accumulated other comprehensive income Gain on forward contract 1,700.00 12/31/2017 425.00 Premium expense Accumulated other comprehensive income 425.00