Problem $7-32($Algo$)($LO $7-7)$ Icebreaker Company $($a U$.$S$.-$based company$)$ purchases materials from a foreign supplier on December $1,2023,$ with payment of $19,000$ 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 $19,000$ dinars on March $1,2024.$ Relevant exchange rates for the dinar on various dates are as follows: DateSpot RateForward Rate $($to March $1,2024)$December $1,2023$$ $3\mathrm{.}70$$ $3\mathrm{.}775$December $31,20233\mathrm{.}803\mathrm{.}900$March $1,20243\mathrm{.}95$N$/$A 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.$$ a$-2.$ What is the impact on $2023$ net income? a$-3.$ What is the impact on $2024$ net income? a$-4.$ What is the impact on net income over the two accounting periods? b$-1.$ Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency payable, prepare journal entries for the import purchase and foreign currency forward contract in U$.$S$.$ dollars.$$ 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?