Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 18,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 18,000 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 $ 3.60 $ 3.675 December 31, 2020 3.70 3.800 March 1, 2021 3.85 N/A Icebreaker must close