Icebreaker Company (US-based company purchases materials from a foreign supplier on December 1, 2020, with payment of 13,000 dinars to be made on March 1, 2021. The materials are consumed immediately and recognized as cost of goods sold at the de of purchase. On December 1.2020. Icebreaker enters into a forward contract to purchase 13.000 dinars on March 1, 2021 Relevant exchange rates for the dinar on various dates are as follows Horarte Sot te to March 2013 December 1, 2020 $ 3.10 3.3.175 December 2010 3.20 1.100 March 1, 2011 1.35 NA 1-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency payable, prepare journal entries for the import purchase and foreign currency forward contract in US dollars 1-2. What is the impact on 2020 net income? 1-3. What is the impact on 2021 net incomo? -4. What is the impact on net income over the two accounting periods? 6-1. Assuming that icebreaker designates the forward contract as a fair value hedge of a foreign currency payable prepare journal entries for the import purchase and foreign currency forward contract in u.5. dollar b-2. What is the impact on net income in 2020 and in 2021 6-3. What is the impact on net income over the two accounting periods Complete this question by entering your answers in the tabs below. MAL hea At Reg 14 2003 Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency preparar entries to the mort purchase and foreign currency forward contract in US dollars and is required for a transaction/event, selectie mentiered in the first accountil Do not found intermediate action Show 1 of 1 Next > - Foreign Entity's Financial Statements Na 1 Credit Oat 12/01/2020 General Journal Cost of goods sold Accounts payable (dinas) Debit 40,300 10.300 2 2 12/01/2020 No Transaction Recorded 3 12/31/2020 1,300 Foreign exchange gain or lose Accounts payable dans 1.300 12/31/2020 1625 1625 2 5 UR 12/31/2000 1.300 1300 1201 2020 No Transaction Recorded 7 0/01/2021 No Transaction Recorded 2 03.01.2021 03/01/2021 650 10 09012001 1,350 11 03/01/2021 1.625 12 03012021 23.500 Reg A2 to A4 >