Will give a thumbs up if correct!

Problem 9-31 (LO 9-4) Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2015, with payment of 26,000 korunas to be received on March 1, 2016. Brandlin enters into a forward contract on December 1, 2015, to sell 26,000 korunas on March 1, 2016. Relevant exchange rates for the koruna on various dates are as follows: Rate to March1 Date December 1, 20145 December 31, 2015 March 1, 2016 Spot Rate 2016) $3.70 $3.775 3.80 3.900 NIA 3.95 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 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. (If no entry is required for a transactionievent, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Answer is not complete. No Date General Journal 96,200.00 12/01/2015 Accounts receivable (K) Sales 96,200 12/01/2015 No journal entry required 12 31/2015 Accounts receivable (K) Foreign exchange gain 2,600 2,600 12/31/2015 Accumulated other Forward contract 12/31/2015 Loss on forward contract 12/31/2015 15 Accumulated other comprehensive income Premium revenue 03/01/2016 Accounts reeable (K) Foreign exchange gain 03/01/2016 Accumulated other comprehensive income Forward contract 03/01/2016 Loss on forward contract Accumulated other comprehensive income a-2. What is the impact on 2015 net income? (Do not round intermediate calculations.) Impact on 2015 net a-3. What is the impact on 2016 net income? (Do not round intermediate calculations.) Impact on 2016 net a-4. What is the impact on net income over the two accounting periods? (Do not round intermediate calculations.) Impact on net income 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. (If no entry is required for a transaction event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Answer is not complete. No Date General Journal Debit Credit 96,200.00 12/01/2015 Accounts receivable (K) Sales 96,200 12/01/2015 No journal entry required 12 31/2015 Accounts receivable (K) Foreign exchange gain 12/31/2015 Forward contract 12/31/2015 Loss on forward contract 2,600 Accumulated other comprehensive income 2,600 12/31/2015 Premium revenue 03/01/2016 Accounts reeable (K) Foreign exchange gain 3,900 3,900 03/01/2016 Accounts reeable (K) 03/01/2016 Foreign exchange gain 10 03/01/2016 16 Accumulated other comprehensive income Forward contract 03/01/2016 Foreign currency (K) 03/01/2016 Cash Forward contract Foreign currency (K) 12 Problem 9-31 (LO 9-4) Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2015, with payment of 26,000 korunas to be received on March 1, 2016. Brandlin enters into a forward contract on December 1, 2015, to sell 26,000 korunas on March 1, 2016. Relevant exchange rates for the koruna on various dates are as follows: Rate to March1 Date December 1, 20145 December 31, 2015 March 1, 2016 Spot Rate 2016) $3.70 $3.775 3.80 3.900 NIA 3.95 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 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. (If no entry is required for a transactionievent, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Answer is not complete. No Date General Journal 96,200.00 12/01/2015 Accounts receivable (K) Sales 96,200 12/01/2015 No journal entry required 12 31/2015 Accounts receivable (K) Foreign exchange gain 2,600 2,600 12/31/2015 Accumulated other Forward contract 12/31/2015 Loss on forward contract 12/31/2015 15 Accumulated other comprehensive income Premium revenue 03/01/2016 Accounts reeable (K) Foreign exchange gain 03/01/2016 Accumulated other comprehensive income Forward contract 03/01/2016 Loss on forward contract Accumulated other comprehensive income a-2. What is the impact on 2015 net income? (Do not round intermediate calculations.) Impact on 2015 net a-3. What is the impact on 2016 net income? (Do not round intermediate calculations.) Impact on 2016 net a-4. What is the impact on net income over the two accounting periods? (Do not round intermediate calculations.) Impact on net income 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. (If no entry is required for a transaction event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Answer is not complete. No Date General Journal Debit Credit 96,200.00 12/01/2015 Accounts receivable (K) Sales 96,200 12/01/2015 No journal entry required 12 31/2015 Accounts receivable (K) Foreign exchange gain 12/31/2015 Forward contract 12/31/2015 Loss on forward contract 2,600 Accumulated other comprehensive income 2,600 12/31/2015 Premium revenue 03/01/2016 Accounts reeable (K) Foreign exchange gain 3,900 3,900 03/01/2016 Accounts reeable (K) 03/01/2016 Foreign exchange gain 10 03/01/2016 16 Accumulated other comprehensive income Forward contract 03/01/2016 Foreign currency (K) 03/01/2016 Cash Forward contract Foreign currency (K) 12