As per chegg policy you are suppose to solve only 4 certain amount of questions. Which is why i want help with questions A2 to A4 and B2 to B4. do not bother with the journal entries I have already done that. Thank you
Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, wlth payment of 13,000 dinars to be recelved on March 1, 2021. Icebreaker enters Into a forward contract on December 1, 2020, to sell 13,000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectliveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on varlous dates are as follows: Icebreaker must close its books and prepare financlal statements at December 31 . a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a forelgn currency recelvable, prepare journal entrles for the sale and foreign currency forward contract In U.S. dollars. a-2. What is the Impact on 2020 net Income? a.3. What is the Impact on 2021 net income? a.4. What Is the impact on net Income over the two accounting perlods? b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency recelvable, prepare journal entrles 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? b-4. What is the Impact on net Income over the two accounting perlods? Complete this question by entering your answers in the tabs below. a-2. What is the impact on 2020 net income? a-3. What is the impact on 2021 net income? a-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.) Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, wlth payment of 13,000 dinars to be recelved on March 1, 2021. Icebreaker enters Into a forward contract on December 1, 2020, to sell 13,000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectliveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on varlous dates are as follows: Icebreaker must close its books and prepare financlal statements at December 31 . a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a forelgn currency recelvable, prepare journal entrles for the sale and foreign currency forward contract In U.S. dollars. a-2. What is the Impact on 2020 net Income? a.3. What is the Impact on 2021 net income? a.4. What Is the impact on net Income over the two accounting perlods? b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency recelvable, prepare journal entrles 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? b-4. What is the Impact on net Income over the two accounting perlods? Complete this question by entering your answers in the tabs below. a-2. What is the impact on 2020 net income? a-3. What is the impact on 2021 net income? a-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.)
