Icebreaker Company $($a U$.$S$.-$based company$)$ sells parts to a foreign customer on December $1,2023,$ with payment of $19,000$ dinars to

be received on March $1,2024.$ Icebreaker enters into a forward contract on December $1,2023,$ to sell $19,000$ dinars on March $1,2024.$

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:

Icebreaker must close its books and prepare financial statements at December $31.$

Required:

a$-1.$ Assuming that lcebreaker 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.

Record the sales and foreign currency account receivable. $12/01/2023$

Record the forward contract. $12/01/2023$

Record the entry to revalue the foreign currency account receivable. $12/31/2023$

Record the change in the fair value of the forward contract. $12/31/2023$

Record the foreign exchange gain or loss on the forward contract. $12/31/2023$

Record the amortization of the forward contract premium or discount. $12/31/2023$

Record the entry to revalue the foreian currency account receivable. $03/01/2024$

Record the entry to adjust the carrying value of the forward contract to

its current fair value. $03/01/2024$

Record the foreiqn exchange qain or loss on the forward contract. $03/01/2024$

Record the amortization of the forward contract premium or discount. $03/01/2024$

Record the receipt of dinars from the foreign customer. $03/01/2024$

Record the settlement of the forward contract. $03/01/2024$