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Icebreaker Company (a U.S.-based company) purchases materlals from a foreign supplier on December 1,2020 , with payment of 18,000 dinars to be made on March 1, 2021. The materlals are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2020, Icebreaker enters Into a forward contract to purchase 18,000 dinars on March 1,2021. Relevant exchange rates for the dinar on varlous dates are as follows: a-1. Assuming that lcebreaker designates the fomard contract as a cash flow hedge of a foreign currency payable, prepare joumal entrles for the import purchase and foreign currency forward contract in U.S. dollars. a-2 What is the impact on 2020 net income? a-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 falr value hedge of a forelgn currency payable, prepare joumal entrles for the import purchase and foreign currency forward contract in U.S. dollars. b-2. What is the impact on net income in 2020 and in 2021 ? b-3. What is the impact on net income over the two accounting periods? Record the purchase of materials. 2 Record the fonvard contract. 3 Record the entry to revalue the foreign currency account payable. 4 Record the foreign exchange gain or loss on the forvard contract. 5 Record the foreign exchange gain or loss on the fonvard contract. 1. Record the entry to adjust the net amount recognized as foreign exchange gain or loss to reflect the amortization of the forward contract premium or discount. 7 Record the entry to revalue the foreign currency account receivable. 8 Record the foreign exchange gain or loss on the fonvard contract. 9 Record the settlement of the fonvard contract. 10 Record the entry to adjust the net amount recognized as foreign exchange gain or loss to reflect the amortization of the forward contract premium or discount. 11 Record the settlement of the fonvard contract. 12 Record the payment of dinars to the foreign supplier