\begin{tabular}{|c|c|c|c|c|c|} \hline No & Oate & \multicolumn{2}{|c|}{ General Joumal } & Debit & Credit \\ \hline 1 & 11/01/2020 & No joumal entry required & 0 & & \\ \hline & x & EA. & & & \\ \hline \multirow[t]{2}{*}{2} & 12/31/2020 & Other comprehensive income & 0 & & \\ \hline & & Forward contract & 0 & & \\ \hline \multirow{3}{*}{37} & E & & & & \\ \hline & 12/31/2020 & Cost of goods sold & 0 & & \\ \hline & & Other comprehensive income & 0 & i & \\ \hline \multirow[t]{2}{*}{4} & 04/30/2021 & Forward contract & 0 & & \\ \hline & & Other comprehensive income & 0 & & \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{5} & 04/30/2021 & Cost of goods sold & 0 & & \\ \hline & & Other comprehensive income & 0 & & \\ \hline & 252 & Dyme & & & \\ \hline \multirow[t]{2}{*}{6} & 04/30/2021 & Foreign currency (Yuan) & 0 & & \\ \hline & & Forward contract & 0 & & \\ \hline & & & & & \\ \hline \multirow[t]{2}{*}{7} & 04/30/2021 & Inventory & 0 & & \\ \hline & & Foreign currency (Yuan) & O & & \\ \hline & & lng & & & \\ \hline \multirow[t]{2}{*}{8} & 04/30/2021 & Cost of goods sold & 0 & & \\ \hline & & Inventory & 0 & & \\ \hline 9 & 04/30/2021 & No journal entry required & 0 & & \\ \hline \end{tabular} On November 1,2020. Cheng Company (o US based company) forecasts the purchase of goods from a foreign supplier for 350,000 yuan Chenn expects to recelve the goods on April 30, 2021, and make immediate payment. On November 1, 2020, Cheng enters into o six-month forward contract to buy 350,000 yuan. The company properly designates the forward contract as a cash flow hedge of a forecasted foreign currency transaction. Forward points are excluded in assessing hedge elfectiveness and are amortzed to net income using a straight-tine method on a monthly basis over the life of the contract. The following US. dollar-Yuan exchange rates apply: As expected, Cheng receives goods from the foreign supplier on April 30, 2021, and pays 350,000 yuan immediately. Cheng sells the imported goods in the local market in Moy 2021 a. Prepare all joumal entrles, including December 31 adjusting entries, to record the foreign currency forwatd contract and import purchose. b. What is the impact on net income in 2020 ? c. What is the impact on net income in 2021 ? (8) Answer is not complete. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. b. What is the impact on net income in 2020 ? c. What is the impact on net income in 2021 ? (Negative amounts should be entered with a minus sign. Do not round intermediate calculations.)