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dollar.(7 points) Part b. Assuming that Edmond designates the forward coutract as a fair value bedge of a foreign currency roceivable, prepare journal entries for the sale and foreign currency forward coetract in U.S. dollar. (5 points) Edmond Company (a U.S.-based company) sold farm products to a customer in Thailand on December 1, 2021, with a payment of 10,000,000 Thai baht to be received on February 1, 2022. Edmond Company signed a forward contract on December 1, 2021 to sell 10,000,000 Thai baht on February 1,2022. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortize to net income using a straight-line method on a monthly basis. The relevant exchange rates, U.S. dollar value of the Thai baht receivable, and fair value of the forward contract are determined as follows: Edmond must close its books and prepare financial statement on December 31. Amortization of the forward contract to net income using a straight-line method is as follows: 2021: 2022: Impact on net income for the year 2021: Sales Net foreign exchange gain (loss) Impact on net income Impact on net income for the year 2022: Net foreign exchange gain (loss) Impact on net income dollar.(7 points) Part b. Assuming that Edmond designates the forward coutract as a fair value bedge of a foreign currency roceivable, prepare journal entries for the sale and foreign currency forward coetract in U.S. dollar. (5 points) Edmond Company (a U.S.-based company) sold farm products to a customer in Thailand on December 1, 2021, with a payment of 10,000,000 Thai baht to be received on February 1, 2022. Edmond Company signed a forward contract on December 1, 2021 to sell 10,000,000 Thai baht on February 1,2022. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortize to net income using a straight-line method on a monthly basis. The relevant exchange rates, U.S. dollar value of the Thai baht receivable, and fair value of the forward contract are determined as follows: Edmond must close its books and prepare financial statement on December 31. Amortization of the forward contract to net income using a straight-line method is as follows: 2021: 2022: Impact on net income for the year 2021: Sales Net foreign exchange gain (loss) Impact on net income Impact on net income for the year 2022: Net foreign exchange gain (loss) Impact on net income