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Icebreaker Company (a U.S.-based company sells parts to a foreign customer on December 1, 2020, with payment of 25.000 dinars to be received on March 1. 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 25.000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on various dates are as follows: Forward Rate Spot Rate (to March 1, 2021) December 1, 2020 $ 4.30 54.375 December 31, 2e2e 4.See March 1, 2021 4.55 N/A Date 4.40 Icebreaker must close its books and prepare financial statements at December 31. 2-1. Assuming that icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepere journal entries for the sale and foreign currency forward contract in U.S. dollars. 6-2. What is the impact on 2020 net income? .-3. What is the impact on 2021 net income? --4. What is the impact on net income over the two accounting periods? b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable prepare Journal entries for the sale and foreign currency forward contract in US dollars. b-2 What is the impact on 2020 net income? b-3. What is the impact on 2021 net income? b-4. What is the impact on net income over the two accounting periods? Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 to A4 Req B1 Req B2 to B4 Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign currency forward contract 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.) View transaction list Journal entry worksheet Record the sales and foreign currency account receivable. Note Enter debts for credits Date General Journal 12/01/2020 Debit Credit Record entry Clear entry View general journal WASTICORROSO COSTOSOWICIE CIRPORT entries for the sale and foreign currency forward contract in U.S. dollars. -2. What is the impact on 2020 net income? 2-3. What is the impact on 2021 net income? 0-4. What is the impact on net income over the two accounting periods? b-1. Assuming that icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. b-2 What is the impact on 2020 net income? b-3. What is the impact on 2021 net income? 1-4. What is the impact on net income over the two accounting periods? Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 to A4 Reg B1 Reg 2 to 84 a-2. What is the impact on 2020 net income? a-3. What is the impact on 2021 net income? 2-4. What is the impact on net income over the two accounting periods? (Negative amounts should be entered with a minus sign. Do not round intermediate calculations.) Show less a-2 impact on 2020 net income a-3. Impact on 2021 net income 2-4. Impact on net income over 2020 and 2021 Ree A1 Reg A2 to A4 Reg B: Reg 52 to 84 Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/avent select "No journal entry required in the first account field. Do not round intermediate calculations.) Show less View transaction list Journal entry worksheet 12 > Record the sales and foreign currency account receivable. Nordbore et General Journal Detit Credit Date 12/01/2020 Record entry Clear entry View general journal