Icebreaker Company $($a U$.$S$.-$based company$)$ purchases materials from a foreign supplier on December $1,2020,$ with payment of $20,000$ dinars to be made on March $1,2021.$ The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December $1,2020,$ Icebreaker enters into a forward contract to purchase $20,000$ dinars on March $1,2021.$Relevant exchange rates for the dinar on various dates are as follows: DateSpot RateForward Rate$($to March $1,2021)$December $1,2020$$$3\mathrm{.}80$ $$3\mathrm{.}875$ December $31,20203\mathrm{.}904\mathrm{.}000$ March $1,20214\mathrm{.}05$ 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?