Problem $7-31($Algo$)($LO $7-7)$

$\backslash$table$[[$Pet $,,$Terrow$-$I Bale Cte Fancll $1.2$vele$)],[,4\mathrm{.}50,$I $4.$t$.$r$3],[$Persater $c{a}_{4}2$mal,$4\mathrm{.}6$e$,4-$has$],[$Narch $E_{4}2$api,$4,75,8/4]]$

Required. entiles for the lulis and foreign qumency lormard contuat in US$,$ dollars.

t$-2.$ What is the in puct on $2027$ net income?

o$-2.$ What is the impoct on $2024$ net incoese? enbies lor the sale and lonelge ourrency formard contuact in US dollarg

b$-2.$ Whut is The impact on $2022$ net incorne?

b$-2.$ What is the impuct on $2024$ net incorne?

$1$ Record the sales and foreign currency account receivable.

$2$ Record the forward contract.

$3$ Record the entry to revalue the foreign currency account receivable.

$4$ Record the change in the fair value of the forward contract.

$5$ Record the foreign exchange gain or loss on the forward contract.

$6$ Record the amortization of the forward contract premium or discount.

Note : $$ Journal entry has been entered.

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$7$ Record the entry to revalue the foreign currency account receivable.

$8$ Record the entry to adjust the carrying value of the forward contract to its current fair value.

$9$ Record the foreign exchange gain or loss on the forward contract.

$10$ Record the amortization of the forward contract premium or discount.

$11$ Record the receipt of dinars from the foreign customer.

$12$ Record the settlement of the forward contract.

Note : $=$ Journal entry has been entered.