Icebreaker Company $($a U$.$S$.-$based company$)$ purchases materials from a foreign supplier on December $1,2023,$ with payment of $34,000$ dinars to be made on March $1,2024.$ The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December $1,2023,$ Icebreaker enters into a forward contract to purchase $34\mathrm{.}000$ dinars on March $1,2024.$ Relevant exchange rates for the dinar on various dates are as follows:

Required:

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.

$\backslash (\backslash$mathbf$\{0-2\}\backslash ).$ What is the impact on $2023$ net income?

a$-3.$ What is the impact on $2024$ net income?

a$-4.$ What is the impact on net income over the two accounting periods?

b$-1.$ Assuming that lcebreaker 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 $2023$ and in $2024?$

b$-3.$ What is the impact on net income over the two accounting periods?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Req $\backslash (\backslash$mathrm$\{$Al$\}\_\{1\}\backslash )$

Req A$2$ to A$4$

Req B$1$

Req B$2$ to B$3$

a$-2.$ What is the impact on $2023$ net income?

a$-3.$ What is the impact on $2024$ net income?

a$-4.$ What is the impact on net income over the two accounting periods?

Note: For all requirements, do not round intermediate calculations. Negative amounts should be entered with a minus sign. Icebreaker Company $($a U$.$S$.-$based company$)$ purchases materials from a foreign supplier on December $1,2023,$ with payment of $34,000$ dinars to be made on March $1,2024.$ The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December $1,2023,$ Icebreaker enters into a forward contract to purchase $34,000$ dinars on March $1,2024.$

Relevant exchange rates for the dinar on various dates are as follows:

Required:

a$-1.$ Assuming that lcebreaker 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 $2023$ net income?

a$-3.$ What is the impact on $2024$ net income?

a$-4.$ What is the impact on net income over the two accounting periods?

b$-1.$ Assuming that lcebreaker 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 $2023$ and in $2024?$

b$-3.$ What is the impact on net income over the two accounting periods?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Req A$1$

Req A$2$ to A$4$

Req B$1$

Req B$2$ to B$3$

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.

Note: 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 $4$ Icebreaker Company $($a U$.$S$.-$based company$)$ purchases materials from a foreign supplier on December $1,2023,$ with payment of $34,000$ dinars to be made on March $1,2024.$ The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December $1,2023,$ Icebreaker enters into a forward contract to purchase $34\mathrm{.}000$ dinars on March $1,2024.$

Relevant exchange rates for the dinar on various dates are as follows:

Required:

$0-1.$ 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.

$0-2.$ What is the impact on $2023$ net income?

a$-3.$ What is the impact on $2024$ net income?

a$-4.$ What is the impact on net income over the two accounting periods?

b$-1.$ Assuming that lcebreaker 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 $2023$ and in $2024?$

b$-3.$ What is the impact on net income over the two accounting periods?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Req A$1$

Req A$2$ to A$4$

Req $\backslash ($ B $2\backslash )$ to B$3$

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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round intermediate calculations.