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Icebreaker Company (a U.S-based company) sells parts to a foreign customer on December 1, 2020, with payment of 14,000 dinars to be received on March

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Icebreaker Company (a U.S-based company) sells parts to a foreign customer on December 1, 2020, with payment of 14,000 dinars to be received on March 1, 2021 . Icebreaker enters into a forward contract on December 1, 2020, to sell 14.000 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: Icebreaket 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 currency forward contract in US dollars. 0.2. What is the impact on 2020 net income? 0.3. 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 receivable, prepare journal entries for the sale and foreign currency forward contract in US 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? Complete this question by entering your answers in the tabs below. Assuming that icebreaker designates the forward contract as a cash flow heidge of a foreign currency receivabie, prepare joumal entries for the sale and foreign currency forward contract in U.S. dollars, \{If no entry is regulred for a transaction/event, select Tio fournal entry required" in the firat account fleld. Do not round intermedlate calcilations.) Journal entry worksheet Record the amortization of the forward contratt premium or discount. Icebreaker Company (a U.S-based company) sells parts to a foreign customer on December 1, 2020, with payment of 14,000 dinars to be received on March 1, 2021 . Icebreaker enters into a forward contract on December 1, 2020, to sell 14.000 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: Icebreaket 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 currency forward contract in US dollars. 0.2. What is the impact on 2020 net income? 0.3. 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 receivable, prepare journal entries for the sale and foreign currency forward contract in US 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? Complete this question by entering your answers in the tabs below. Assuming that icebreaker designates the forward contract as a cash flow heidge of a foreign currency receivabie, prepare joumal entries for the sale and foreign currency forward contract in U.S. dollars, \{If no entry is regulred for a transaction/event, select Tio fournal entry required" in the firat account fleld. Do not round intermedlate calcilations.) Journal entry worksheet Record the amortization of the forward contratt premium or discount

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