There are 4 parts of this question. Two of the parts got 12 entries to fill. Kindly answer all the parts and entries (kindly show all the calculations and works).

2 Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: 0 oints Skipped Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.50 4.60 4.75 Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A eBook Ask 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? Print References Complete this question by entering your answers in the tabs below. Req A1 Req A2 to A4 Reg B1 Req 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 X 1 Record the purchase of materials. 2 Record the forward contract. 12 > 3 Record the entry to revalue the foreign currency account payable. 4 Record the change in the fair value of the forward contract. 5 Record the foreign exchange gain or loss on the forward contract. Credit 6 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 Note : = journal entry has been entered Record entry Clear entry View.generaltournal 2 date of purcnase. Un December 1, 2020, Icebreaker enters into a forwara contract to purchase 27,000 ainars 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 0 oints Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 Skipped eBook a-3. What is 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? is the impact on 2021 net income? What 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? Ask Print Complete this question by entering your answers in the tabs below. References Req A1 Req A2 to A4 Req B1 Req 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 X 6 Kecora 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. 12 > 7 Record the entry to revalue the foreign currency account receivable. 8 Record the entry to adjust the carrying value of the forward contract to its current fair value. Credit 9 Record the foreign exchange gain or loss on the forward 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 Note := journal entry has been entered Record entry Clear entry View general journal 2 date of purcnase. Un December 1, 2020, Icebreaker enters into a forwara contract to purchase 27,000 ainars 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 0 oints Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 Skipped eBook a-3. What is 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? is the impact on 2021 net income? What 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? Ask Print Complete this question by entering your answers in the tabs below. References Req A1 Req A2 to A4 Req B1 Req 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 X dclouIIL TELeivable. 8 Record the entry to adjust the carrying value of the forward contract to its current fair value. 12 > 9 Record the foreign exchange gain or loss on the forward 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. Credit 11 Record the settlement of the forward contract. 12 Record the payment of dinars to the foreign supplier. Note : = journal entry has been entered Record entry Clear entry View general journal 2 Problem 9-32 (Algo) (LO 9-7) 0 points Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Skipped Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.50 4.60 4.75 Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A eBook Ask Print 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? References Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 to A4 Req B1 Req B2 to B3 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? (Do not round intermediate calculations. Negative amounts should be entered with a minus sign.) Show less a-2. Impact on 2020 net income a-3. Impact on 2021 net income a-4. Impact on net income over 2020 and 2021 2 Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: 0 points Date December 1, 2020 December 31, 2020 March 1, 2021 Skipped Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 eBook Ask 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? Print References Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Req B1 Req 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 X 1 Record the purchase of materials. 12 > 2 Record the forward contract. 3 Record the entry to revalue the foreign currency account payable. 4 Record the foreign exchange gain or loss on the forward contract. Credit 5 Record the foreign exchange gain or loss on the forward contract. 6 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 = journal entry has been entered Note : Record entry Clear entry View general journal 2 Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: 0 points Date December 1, 2020 December 31, 2020 March 1, 2021 Skipped Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 eBook Ask 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? Print References Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Req B1 Req 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 X 6 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. 12 > 7 Record the entry to revalue the foreign currency account receivable. 8 Record the foreign exchange gain or loss on the forward contract. Credit 9 Record the settlement of the forward 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 dicant Note : journal entry has been entered Record entry Clear entry View general journal 2 Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: 0 points Date December 1, 2020 December 31, 2020 March 1, 2021 Skipped Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 eBook Ask 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? Print References Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Req B1 Req 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 X NCLUIU LIIC CIILI Y LU TEVCIUC LIIC TUICIY LUNICILY account receivable. 12 > 8 Record the foreign exchange gain or loss on the forward contract. 9 Record the settlement of the forward 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. Credit 11 Record the settlement of the forward contract. 12 Record the payment of dinars to the foreign supplier. Note : = journal entry has been entered Record entry Clear entry View general journal 2 Problem 9-32 (Algo) (LO 9-7) 0 points Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Skipped Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.50 4.60 4.75 Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A eBook Ask Print 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? References Complete this question by entering your answers in the tabs below. Req A1 Req A2 to A4 Req B1 Req B2 to B3 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? (Do not round intermediate calculations. Negative amounts should be entered with a minus sign.) b-2. Impact on 2020 net income Impact on 2021 net income b-3. Impact on net income over 2020 and 2021 3 Record the entry to revalue the foreign currency account payable. 4 Record the change in the fair value of the forward contract. 5 Record the foreign exchange gain or loss on the forward contract. Credit 6 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 Note : = journal entry has been entered Record entry Clear entry View.generaltournal 2 date of purcnase. Un December 1, 2020, Icebreaker enters into a forwara contract to purchase 27,000 ainars 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 0 oints Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 Skipped eBook a-3. What is 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? is the impact on 2021 net income? What 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? Ask Print Complete this question by entering your answers in the tabs below. References Req A1 Req A2 to A4 Req B1 Req 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 X 6 Kecora 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. 12 > 7 Record the entry to revalue the foreign currency account receivable. 8 Record the entry to adjust the carrying value of the forward contract to its current fair value. Credit 9 Record the foreign exchange gain or loss on the forward 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 Note := journal entry has been entered Record entry Clear entry View general journal 2 date of purcnase. Un December 1, 2020, Icebreaker enters into a forwara contract to purchase 27,000 ainars 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 0 oints Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 Skipped eBook a-3. What is 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? is the impact on 2021 net income? What 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? Ask Print Complete this question by entering your answers in the tabs below. References Req A1 Req A2 to A4 Req B1 Req 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 X dclouIIL TELeivable. 8 Record the entry to adjust the carrying value of the forward contract to its current fair value. 12 > 9 Record the foreign exchange gain or loss on the forward 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. Credit 11 Record the settlement of the forward contract. 12 Record the payment of dinars to the foreign supplier. Note : = journal entry has been entered Record entry Clear entry View general journal 2 Problem 9-32 (Algo) (LO 9-7) 0 points Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Skipped Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.50 4.60 4.75 Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A eBook Ask Print 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? References Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 to A4 Req B1 Req B2 to B3 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? (Do not round intermediate calculations. Negative amounts should be entered with a minus sign.) Show less a-2. Impact on 2020 net income a-3. Impact on 2021 net income a-4. Impact on net income over 2020 and 2021 2 Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: 0 points Date December 1, 2020 December 31, 2020 March 1, 2021 Skipped Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 eBook Ask 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? Print References Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Req B1 Req 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 X 1 Record the purchase of materials. 12 > 2 Record the forward contract. 3 Record the entry to revalue the foreign currency account payable. 4 Record the foreign exchange gain or loss on the forward contract. Credit 5 Record the foreign exchange gain or loss on the forward contract. 6 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 = journal entry has been entered Note : Record entry Clear entry View general journal 2 Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: 0 points Date December 1, 2020 December 31, 2020 March 1, 2021 Skipped Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 eBook Ask 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? Print References Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Req B1 Req 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 X 6 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. 12 > 7 Record the entry to revalue the foreign currency account receivable. 8 Record the foreign exchange gain or loss on the forward contract. Credit 9 Record the settlement of the forward 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 dicant Note : journal entry has been entered Record entry Clear entry View general journal 2 Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: 0 points Date December 1, 2020 December 31, 2020 March 1, 2021 Skipped Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A Spot Rate $ 4.50 4.60 4.75 eBook Ask 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? Print References Complete this question by entering your answers in the tabs below. Req A1 Reg A2 to A4 Req B1 Req 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 X NCLUIU LIIC CIILI Y LU TEVCIUC LIIC TUICIY LUNICILY account receivable. 12 > 8 Record the foreign exchange gain or loss on the forward contract. 9 Record the settlement of the forward 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. Credit 11 Record the settlement of the forward contract. 12 Record the payment of dinars to the foreign supplier. Note : = journal entry has been entered Record entry Clear entry View general journal 2 Problem 9-32 (Algo) (LO 9-7) 0 points Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 27,000 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, Icebreaker enters into a forward contract to purchase 27,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Skipped Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 4.50 4.60 4.75 Forward Rate (to March 1, 2021) $ 4.575 4.700 N/A eBook Ask Print 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? References Complete this question by entering your answers in the tabs below. Req A1 Req A2 to A4 Req B1 Req B2 to B3 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? (Do not round intermediate calculations. Negative amounts should be entered with a minus sign.) b-2. Impact on 2020 net income Impact on 2021 net income b-3. Impact on net income over 2020 and 2021