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 currency forward contract in U.S. dollars. a-2. What is the impact on 2020 net income? o-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 receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. 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? Answer is not complete. Complete this question by entering your answers in the tabs below. a2. What is the impact on 2020 net income? a3. What is the impact on 2021 net income? a4. What is the impact on net income over the two accounting periods? (Negative amounts should be entered with a minus sign. Do not round intermediate calculations.) journal entries for the sale and foreign currency forward contract in U.S. dollars. 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? Answer is not complete. Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) ( Answer is not complete. Complete this question by entering your answers in the tabs below. 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.) Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign curr for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a tr. required" in the first account field. Do not round intermediate calculations.) Record the sales and foreign currency account receivable. 2 Record the forward contract. 3 Record the entry to revalue the foreign currency account receivable. 4 Record the change in the fair value of the forward contract. 5 Record the foreign exchange gain or loss on the forward contract. 6 Record the allocation of the premium or discount. Note : = journal entry has been entered Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a fair value hedge of a fo for the sale and foreign currency forward contract in U.S. dollars. (If no entry is requir required" in the first account field. Do not round intermediate calculations.) 7 Record the entry to revalue the foreign currency account receivable. 8. Record the foreign exchange gain or loss on the forward contract. 12 Record the settlement of the forward contract. Note : = journal entry has been entered 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 currency forward contract in U.S. dollars. a-2. What is the impact on 2020 net income? o-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 receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. 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? Answer is not complete. Complete this question by entering your answers in the tabs below. a2. What is the impact on 2020 net income? a3. What is the impact on 2021 net income? a4. What is the impact on net income over the two accounting periods? (Negative amounts should be entered with a minus sign. Do not round intermediate calculations.) journal entries for the sale and foreign currency forward contract in U.S. dollars. 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? Answer is not complete. Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) ( Answer is not complete. Complete this question by entering your answers in the tabs below. 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.) Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign curr for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a tr. required" in the first account field. Do not round intermediate calculations.) Record the sales and foreign currency account receivable. 2 Record the forward contract. 3 Record the entry to revalue the foreign currency account receivable. 4 Record the change in the fair value of the forward contract. 5 Record the foreign exchange gain or loss on the forward contract. 6 Record the allocation of the premium or discount. Note : = journal entry has been entered Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a fair value hedge of a fo for the sale and foreign currency forward contract in U.S. dollars. (If no entry is requir required" in the first account field. Do not round intermediate calculations.) 7 Record the entry to revalue the foreign currency account receivable. 8. Record the foreign exchange gain or loss on the forward contract. 12 Record the settlement of the forward contract. Note : = journal entry has been entered