Chapter 9 Homework 3 12 points Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 18,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 18.000 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: Forward Rate Spot Rate (to March 1, 2021) December 1, 2028 $ 3.60 $ 3.675 December 31, 2020 3.820 March 1, 2021 3.85 N/A Skipped Date 3.70 eBook Icebreaker must close its books and prepare financial statements at December 31. Print d References a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable prepare journal entries for the sale 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 receivable, prepare journal entries for the sale and foreign currency forward contract In U.S. dollars. b-2 What is the impact on 2020 net income? b-3. What is the impact on 2021 net Income? 1-4. What is the impact on net Income over the two accounting periods? Complete this question by entering your answers in the tabs below. Reg A1 Req A2 to A4 Red B1 Req B2 to 34 Assuming that Icebreaker designates the forward contract as a cash flow 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.) View transaction Mat Journal entry worksheet Record the sales and foreign currency account receivable. Note: Enter debits before credits Date General Journal Debit Credit 12/01/2020 Record entry Clear entry View general Journal (Reg A1 Req A2 to A4 >