Problem $9-31($Static$)($LO $9-7)$ Icebreaker Company $($a U$.$S$.-$based company$)$ sells parts to a foreign customer on December $1,2023,$ with payment of $16,000$ dinars to be received on March $1,2024.$ Icebreaker enters into a forward contract on December $1,2023,$ to sell $16,000$ 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: DateSpot RateForward Rate $($to March $1,2024)$December $1,2023$$ $2\mathrm{.}70$$ $2\mathrm{.}775$December $31,20232\mathrm{.}802\mathrm{.}900$March $1,20242\mathrm{.}95$N$/$A Icebreaker must close its books and prepare financial statements at December $31.$ Required: a$-1.$ Assuming that Icebreaker 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. 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 receivable, prepare journal entries for the sale and foreign currency forward contract in U$.$S$.$ dollars. b$-2.$ What is the impact on $2023$ net income? b$-3.$ What is the impact on $2024$ net income? b$-4.$ What is the impact on net income over the two accounting periods?