Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.30 4.40 4.55 Forward Rate (to March 1, 2021) $ 4.375 4.500 N/A a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency payable, prepare journal entries for the import purchase 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 periods? b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency payable, prepare journal entries for the import purchase and foreign currency forward contract in U.S. dollars. b-2. What is the impact on net income in 2020 and in 2021? b-3. What is the impact on net income over the two accounting periods? Complete this question by entering your answers in the tabs below. Req A1 Req A2 to A4 Req B1 Req B2 to B3 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? (Do not round intermediate calculations. Negative amounts should be entered with a minus sign.) a-2. Impact on 2020 net income $ 107,500 a-3. Impact on 2021 net income $ 3,750 a-4. Impact on net income over 2020 and 2021 $ 109,375 < Req A1 Req B1 > Show less