Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020. with payment of 23.000 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 23.000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Forward Rate Date Spot Rate (to March 1, 2021) December 1, 2020 $ 4.19 $4.175 December 31, 2020 4.20 4.399 March 1, 2021 4.35 N/A 2-1. 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? 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 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. Reg A1 Reg A2 to A4 Req B1 Req B2 to B3 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Show less View transaction list Journal entry worksheet Record the purchase of materials. Note: Enter debits before credits Date General Journal Debit Credit 12/01/2020 Record entry Clear entry View general journal Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020. with payment of 23.000 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 23.000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Forward Rate Date Spot Rate (to March 1, 2021) December 1, 2020 $ 4.19 $4.175 December 31, 2020 4.20 4.399 March 1, 2021 4.35 N/A 2-1. 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? 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 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. Reg A1 Reg A2 to A4 Req B1 Req B2 to B3 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Show less View transaction list Journal entry worksheet Record the purchase of materials. Note: Enter debits before credits Date General Journal Debit Credit 12/01/2020 Record entry Clear entry View general journal