On June $1,20$X$1,$ Alexander Corporation sold goods to a foreign customer at a price of $1,000,000$ pesos and will receive payment in three months on September $1,20$X$1.$ On June $1,$ Alexander acquired an option to sell $1,000,000$ pesos in three months at a strike price of $$0\mathrm{.}062.$ Relevant exchange rates and option premiums for the peso are as follows:

Date

Spot Rate

Put Option Premium

for September $1$

$($strike price $$0\mathrm{.}062)$

$$

June $1$

$

$0\mathrm{.}062$

$$

$

$0\mathrm{.}0025$

$$

$$

June $30$

$$

$0\mathrm{.}061$

$$

$$

$0\mathrm{.}0032$

$$

$$

September $1$

$$

$0\mathrm{.}058$

$$

$$

N$/$A

$$

$$

$$

The time value of the option is excluded from the assessment of hedge effectiveness and the change in time value is recognized in net income. Alexander must close its books and prepare its second$-$quarter financial statements on June $30.$ Assuming that Alexander designates the foreign currency option as a cash flow hedge of a foreign currency receivable, what is the impact on net income over the two accounting periods?