I need an answer for B especially, but A would be nice too. I see an answer for A, but what do they mean by "P&L" and what's a/c mean, not important if you do not use those abbreviations......thanks

LO 9-7 1. Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 16.000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 16,000 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) S2.70 $2.775 Date December 1, 2020 December 31, 2020 March 1, 2021 2.80 2.900 2.95 N/A Icebreaker must close its books and prepare financial statements at December 31 a. 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. What is the impact on 2020 net income? What is the impact on 2021 net income? What is the impact on net income over the two accounting periods? b. 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. What is the impact on 2020 net income? What is the impact on 2021 net income? What is the impact on net income over the two accounting periods? LO 9-7