Please Help With This Question! (Please note, it's one question with several parts)

Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2017, with payment of 33,000 korunas to be received on March 1, 2018. Brandlin enters into a forward contract on December 1, 2017, to sell 33,000 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 $ 5.10 5.20 5.35 Forward Rate (to March 1, 2018) $ 5.175 5.300 N/A Brandlin's incremental borrowing rate is 18 percent. The present value factor for two months at an annual interest rate of 18 percent (1.5 percent per month) is 0.9707. Brandlin must close its books and prepare financial statements at December 31. a-1. Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency receivable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars. a-2. What is the impact on 2017 net income? a-3. What is the impact on 2018 net income? a-4. What is the impact on net income over the two accounting periods? b-1. Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for these transactions in U.S. dollars. b-2. What is the impact on 2017 net income? b-3. What is the impact on 2018 net income? b-4. What is the impact on net income over the two accounting periods? Journal entry worksheet Record the receipt of korunas from the foreign customer. Note: Enter debits before credits. ate General Journal Debit Credit 03/01/2018 Cash Forward contract 170,775.00 5,775.00 176,550.00 Foreign currency (K) Journal entry worksheet IIII. Record the sales and foreign currency account receivable. Note: Enter debits before credits. Date General Journal Debit Credit 12/01/2017 Accounts receivable (K) 168,300.00 Sales 168,300.00 Journal entry worksheet Record the gain or loss on the forward contract. Note: Enter debits before credits. te General Journal Debit Credit 12/31/2017 Loss on forward contract 3,300.00 Accumulated other comprehensive income 3,300.00 Journal entry worksheet