Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1 , 2020 , with payment of 33,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1,2020 , to sell 33,000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on various dates are as follows: Icebreaker must close its books and prepare financial statements at December 31 . a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 1. currency forward contract in U.S. dollars. a-2. What is the impact on 2020 net 2. income? a-3. What is the impact on 2021 net 3. income? a-4. What is the impact on net income over 4. the two accounting periods? b-1. Assuming that Icebreaker designates the forward onntrart ac a fair ualuo harine Icebreaker must close its books and prepare financial statements at December 31 . a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 1. currency forward contract in U.S. dollars. a-2. What is the impact on 2020 net 2 , income? a-3. What is the impact on 2021 net 3. income? a-4. What is the impact on net income over 4. the two accounting periods? b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 5. currency forward contract in U.S. dollars. b-2. What is the impact on 2020 net 6 , income? b-3. What is the impact on 2021 net 7. income? b-4. What is the impact on net income over 8. the two accounting periods? Icebreaker must close its books and prepare financial statements at December 31 . a-1. Assuming that lcebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 1. currency forward contract in U.S. dollars. a-2. What is the impact on 2020 net 2. income? a-3. What is the impact on 2021 net 3. income? a-4. What is the impact on net income over 4. the two accounting periods? b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 5. currency forward contract in U.S. dollars. b-2. What is the impact on 2020 net 6. income? b-3. What is the impact on 2021 net 7. income? b-4. What is the impact on net income over 8. the two accounting periods? Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1 , 2020 , with payment of 33,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1,2020 , to sell 33,000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on various dates are as follows: Icebreaker must close its books and prepare financial statements at December 31 . a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 1. currency forward contract in U.S. dollars. a-2. What is the impact on 2020 net 2. income? a-3. What is the impact on 2021 net 3. income? a-4. What is the impact on net income over 4. the two accounting periods? b-1. Assuming that Icebreaker designates the forward onntrart ac a fair ualuo harine Icebreaker must close its books and prepare financial statements at December 31 . a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 1. currency forward contract in U.S. dollars. a-2. What is the impact on 2020 net 2 , income? a-3. What is the impact on 2021 net 3. income? a-4. What is the impact on net income over 4. the two accounting periods? b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 5. currency forward contract in U.S. dollars. b-2. What is the impact on 2020 net 6 , income? b-3. What is the impact on 2021 net 7. income? b-4. What is the impact on net income over 8. the two accounting periods? Icebreaker must close its books and prepare financial statements at December 31 . a-1. Assuming that lcebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 1. currency forward contract in U.S. dollars. a-2. What is the impact on 2020 net 2. income? a-3. What is the impact on 2021 net 3. income? a-4. What is the impact on net income over 4. the two accounting periods? b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for the sale and foreign 5. currency forward contract in U.S. dollars. b-2. What is the impact on 2020 net 6. income? b-3. What is the impact on 2021 net 7. income? b-4. What is the impact on net income over 8. the two accounting periods