Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 25,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 25.000 dinars on March 1. 2021. Relevant exchange rates for the dinar on various dates are as follows: Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.30 4.60 4.55 Forward Rate (to March 1, 2021) $ 4.375 4.500 N/A Icebreaker must close its books and prepare financial statements at December 31. 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 net income over the two accounting periods resulting from flucutations in the value of the foreign currency? (Looking for net effect on the Foreign Exchange Gain/Loss account) Answer is not complete. Complete this question by entering your answers in the tabs below. Reg B1 Req B2 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) Show less Credit No Debit Dato 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 lo 12/31/2020 Foreign Exchange Gain or Loss Forward contract 5 03/01/2021 Accounts receivable (dinars) Foreign Exchange Gain or Loss 6 03/01/2021 > Foreign Exchange Gain or Loss Forward contract 7 03/01/2021 Foreign currency (dinars) Accounts receivable (dinars) 8 > 03/01/2021 Cash Forward contract Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 25.000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 25,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.30 4.40 4.55 Yorward Rate (to March 1, 2021) $.4.375 4.500 N/A Icebreaker must close its books and prepare financial statements at December 31. 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 net income over the two accounting periods resulting from flucutations in the value of the foreign currency? (Looking for net effect on the Foreign Exchange Gain/Loss account) Answer is not complete. Complete this question by entering your answers in the tabs below. Req B1 Reg B2 What is the impact on net income over the two accounting periods resulting from flucutations in the value of the foreign currency? [Looking for net effect on the Foreign Exchange Gain/Loss account). Do not round intermediate calculations. Negative amounts should be entered with a minus sign.). Impact on net income over 2020 and 2021 Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 25,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 25.000 dinars on March 1. 2021. Relevant exchange rates for the dinar on various dates are as follows: Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.30 4.60 4.55 Forward Rate (to March 1, 2021) $ 4.375 4.500 N/A Icebreaker must close its books and prepare financial statements at December 31. 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 net income over the two accounting periods resulting from flucutations in the value of the foreign currency? (Looking for net effect on the Foreign Exchange Gain/Loss account) Answer is not complete. Complete this question by entering your answers in the tabs below. Reg B1 Req B2 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) Show less Credit No Debit Dato 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 lo 12/31/2020 Foreign Exchange Gain or Loss Forward contract 5 03/01/2021 Accounts receivable (dinars) Foreign Exchange Gain or Loss 6 03/01/2021 > Foreign Exchange Gain or Loss Forward contract 7 03/01/2021 Foreign currency (dinars) Accounts receivable (dinars) 8 > 03/01/2021 Cash Forward contract Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 25.000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 25,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.30 4.40 4.55 Yorward Rate (to March 1, 2021) $.4.375 4.500 N/A Icebreaker must close its books and prepare financial statements at December 31. 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 net income over the two accounting periods resulting from flucutations in the value of the foreign currency? (Looking for net effect on the Foreign Exchange Gain/Loss account) Answer is not complete. Complete this question by entering your answers in the tabs below. Req B1 Reg B2 What is the impact on net income over the two accounting periods resulting from flucutations in the value of the foreign currency? [Looking for net effect on the Foreign Exchange Gain/Loss account). Do not round intermediate calculations. Negative amounts should be entered with a minus sign.). Impact on net income over 2020 and 2021