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Use the same facts as in Problem 31 except that Icebreaker Company purchases materials from a foreign supplier on December 1, 2020, with payment of 16,000 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 16,000 dinars on March 1, 2021.

Facts of problem 31: In the attatched photo.

The question: 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. What is the impact on net income in 2020 and in 2021? What is the impact on net income over the two accounting periods?

31. Icebreaker Company (a U.S.based company) sells parts to a foreign custoner on December 1.2020, with payment of 16.000 dinars to be received on March I. 2021. Isebreaker 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 mouthly 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