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Icebreaker Company (a U.S.-based company, sells parts to a foreign customer on December 1, 2020, with payment of 32,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 32.000 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 December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 5.00 5.10 5.25 Forward Rate (to March 1, 2021) $ 5.075 5.280 N/A Icebreaker must close its books and prepare financial statements at December 31. Company purchases materials from a foreign supplier on December 1, 2020, with payment of 32.000 dinars to be made on March 1, 2021. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2020, Brandilin enters into a forward contract to purchase 32.000 dinars on March 1, 2021. a-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 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 fair value hedge of a foreign currency payable, prepare Journal entries 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? Reg A1 Reg A2 to A4 Reg B1 Reg B2 to B3 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 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 View transaction list Journal entry worksheet Record the purchase of materials. Note: Enter debits before credits General Journal Debit Credit Date 12/01/2020 Record entry Clear entry View general journal Reg A1 Reg A2 to A4 Req B1 Reg B2 to B3 a-2. What is the impact on 2020 net income? a-3. What is the impact on 2021 net income? 2-4. What is the impact on net income over the two accounting periods? (Do not round intermediate calculations. Negative amounts should be entered with a minus sign.) a-2. Impact on 2020 net income a-3. Impact on 2021 net income 2-4. Impact on net income over 2020 and 2021 Reg A1 Reg A2 to A4 Reg B1 Reg B2 to B3 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.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 View transaction list Journal entry worksheet Record the purchase of materials. Note: Enter debits before credits General Journal Debit Credit Date 12/01/2020 Record entry Clear entry View general journal Reg A1 Reg A2 to A4 Req B1 Reg B2 to B3 a-2. What is the impact on 2020 net income? a-3. What is the impact on 2021 net income? 2-4. What is the impact on net income over the two accounting periods? (Do not round intermediate calculations. Negative amounts should be entered with a minus sign.) a-2. Impact on 2020 net income a-3. Impact on 2021 net income 2-4. Impact on net income over 2020 and 2021 Reg A1 Reg A2 to A4 Reg B1 Reg B2 to B3 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.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 View transaction list Journal entry worksheet