Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 15,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 15,000 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:

Date	Spot Rate			Forward Rate (to March 1, 2021)
December 1, 2020	$	3.30		$	3.375
December 31, 2020		3.40			3.500
March 1, 2021		3.55			N/A

Icebreaker must close its books and prepare financial statements at December 31.

MUST BREAK UP THE JOURNAL ENTRIES INTO SEPARATE ONES

1. 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 currency forward contract in U.S. dollars.

2. a-2. What is the impact on 2020 net income?

3. a-3. What is the impact on 2021 net income?

4. a-4. What is the impact on net income over the two accounting periods?

5. 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 currency forward contract in U.S. dollars.

6. b-2. What is the impact on 2020 net income?

7. b-3. What is the impact on 2021 net income?

8. b-4. What is the impact on net income over the two accounting periods?

Below is my results for a1 entries

BELOW IS MY B1 ENTRIES

Please help me correct my work and find the math for the entries, Thank you so much!!!!!!

No Date Debit Credit 1 12/01/2020 General Journal Accounts receivable (dinars) Sales 49,500 49,500 N 12/01/2020 No journal entry required 3 12/31/2020 1,500 Accounts receivable (dinars) Foreign Exchange Gain or Loss 1,500 4 12/31/2020 1,875 Foreign Exchange Gain or Loss Forward contract >> lo 1.875 5 12/31/2020 > 375 lla Other comprehensive income Foreign Exchange Gain or Loss 375 fv 6 12/31/2020 1,875 X Other comprehensive income Loss on forward contract 1.875 7 03/01/2021 2,250 Accounts receivable (dinars) Foreign currency (dinars) 2,250 8 03/01/2021 750 Foreign Exchange Gain or Loss Forward contract OX 750 9 03/01/2021 750 Foreign Exchange Gain or Loss Other comprehensive income 750 oc 10 03/01/2021 No journal entry required fc 11 03/01/2021 53,250 Foreign currency (dinars) Accounts receivable (dinars) 53.250 12 03/01/2021 > Cash Forward contract Foreign currency (dinars) 50,625 2,625 53,250 No Date Debit Credit 1 12/01/2020 General Journal Accounts receivable (dinars) Sales 2 12/01/2020 No journal entry required 3 12/31/2020 Accounts receivable (dinars) Foreign Exchange Gain or Loss 4 12/31/2020 Foreign Exchange Gain or Loss Forward contract 5 12/31/2020 Other comprehensive income Foreign currency (dinars) 6 12/31/2020 Other comprehensive income Accumulated other comprehensive income 7 03/01/2021 Accounts receivable (dinars) Foreign Exchange Gain or Loss 8 8 03/01/2021 Gain on foreign currency option Forward contract 9 03/01/2021 Other comprehensive income Forward contract 10 03/01/2021 Foreign Exchange Gain or Loss Accumulated other comprehensive income 11 03/01/2021 Foreign currency (dinars) Accounts receivable (dinars) 12 03/01/2021 Cash Forward contract Foreign currency (dinars) b-2. What is the impact on 2020 net income? b-3. What is the impact on 2021 net income? b-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.) -2 b-2 b-3. Impact on 2020 net income Impact on 2021 net income Impact on net income over 2020 and 2021 b-4. No Date Debit Credit 1 12/01/2020 General Journal Accounts receivable (dinars) Sales 49,500 49,500 N 12/01/2020 No journal entry required 3 12/31/2020 1,500 Accounts receivable (dinars) Foreign Exchange Gain or Loss 1,500 4 12/31/2020 1,875 Foreign Exchange Gain or Loss Forward contract >> lo 1.875 5 12/31/2020 > 375 lla Other comprehensive income Foreign Exchange Gain or Loss 375 fv 6 12/31/2020 1,875 X Other comprehensive income Loss on forward contract 1.875 7 03/01/2021 2,250 Accounts receivable (dinars) Foreign currency (dinars) 2,250 8 03/01/2021 750 Foreign Exchange Gain or Loss Forward contract OX 750 9 03/01/2021 750 Foreign Exchange Gain or Loss Other comprehensive income 750 oc 10 03/01/2021 No journal entry required fc 11 03/01/2021 53,250 Foreign currency (dinars) Accounts receivable (dinars) 53.250 12 03/01/2021 > Cash Forward contract Foreign currency (dinars) 50,625 2,625 53,250 No Date Debit Credit 1 12/01/2020 General Journal Accounts receivable (dinars) Sales 2 12/01/2020 No journal entry required 3 12/31/2020 Accounts receivable (dinars) Foreign Exchange Gain or Loss 4 12/31/2020 Foreign Exchange Gain or Loss Forward contract 5 12/31/2020 Other comprehensive income Foreign currency (dinars) 6 12/31/2020 Other comprehensive income Accumulated other comprehensive income 7 03/01/2021 Accounts receivable (dinars) Foreign Exchange Gain or Loss 8 8 03/01/2021 Gain on foreign currency option Forward contract 9 03/01/2021 Other comprehensive income Forward contract 10 03/01/2021 Foreign Exchange Gain or Loss Accumulated other comprehensive income 11 03/01/2021 Foreign currency (dinars) Accounts receivable (dinars) 12 03/01/2021 Cash Forward contract Foreign currency (dinars) b-2. What is the impact on 2020 net income? b-3. What is the impact on 2021 net income? b-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.) -2 b-2 b-3. Impact on 2020 net income Impact on 2021 net income Impact on net income over 2020 and 2021 b-4