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Icebreaker Company (a U.S.based company) selts parts to a foreign customer on December 1,2020 , with payment of 25,000 dinars to be recelved on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 25,000 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 monthly basis. Relevant exchange rates for the dinar on various dates are as follows: lcebreaker must close its books and prepare financial statements ot December 31. Q-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 2020 net income? a-3. What is the impact on 2021 net income? a-4. What is the impoct on net income over the two accounting periods? b-1. Assuming that icebreaker designates the forward contract as a fair value hedge of a forelgn currency recelvable, prepare journal entries for the sale and foreign currencyforward contract in U.S. dollars. b-2. What is the impact on 2020 net incomet b-3. What is the impact on 2021 net income? b-4. What is the impact on net income over the two sccounting periods? Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a forelgn currency recelvable, prepare journal entries for the sale and foreign currency forward contract in U.S, dollars, (If no entry is required for a transaction/event, select "No journal entry required" in the first account feld, Do not round intermediate calculations.) Tnirnal entru wnrkehant Assuming that fcebreaker designates the forward contract as a cash flow hedge of a forelgn currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field. Do not round intermediate calculations.) Journal entry worksheet Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No journ required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet (5. 6 7 8 12 Record the entry to revalue the foreign currency account receivable. Noter Enter debits before credits: 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the change in the fair value of the forward contract. Note: Enter debits before credits. Assuming that Icebreaker designates the forward contract as a cash fow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the foreign exchange gain or loss on the forward contract. Note: Enter debits before credits. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet (1) 2 ( 3 ( 4 Record the amortization of the forward contract premium or discount. Note: Enter detits before credits. Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a tronsoction/event, select. No journal entry required in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the entry to revalue the foreign currency account recelvable. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a transaction/event, select "No journal entry required " in the first account field. Do not round intermediate calculations:) Journal entry worksheet Record the entry to adjust the carrying value of the forward contract to its current fair value. Note: Enter debits before credit:. Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a transaction/event, seiect "No joumal entr required" in the first account field, Do not round intermediate calculations.) Journal entry worksheet (1) (4) 7 8 9 12 Record the foreign exchange gain or loss on the forward contract. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prep for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, sele required" in the first account field. Do not round intermediate caiculations.) Journal entry worksheet Record the amortization of the forward contract premium or discount. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare joi for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No required" in the first account field. Do not round intermedate calculations.) Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a forelgn currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No foumal entry required in the first account field, Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. a-2. What is the impact on 2020 net income? a-3. What is the impact on 2021 net income? a-4. What is the impact on net income over the two accounting periods? (Negative amounts should be entered with a minus sign. Do not round intermediate calculations.) Journal entry worksheet Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journat entries. or the saie and foreign currency forward contract in U.S. dollars. (If no entry is required for a tronsaction/event, select "No journal entry required" in the first account field. Do not found intermediate calculations:) Journal entry worksheet Record the entry to revalue the foreign currency account recelvable. Mile: Eener debits befure crests. Assuming that icebreaker designates the forward contract as a fair value hedge of a foreign currency recelvable, prepare journat entries for the sale and foreign currency forward controct in U.S. dollars. (If no entry is required for a transactionvevent, seiect "Wo joumat entry required in the first account field. Do not round intermediate calculations.) Journal entrv worksheet ssuming that lcebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries or the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select No journal entry equired" in the first account feld. Do not round intermediate calculations.) Journal entrv worksheet 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entrv worksheet Record the entry to revalue the foreign currency account receivable. Notel enter debits before credits. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivabie, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the entry to adjust the carrying value of the forward contract to its current fair value. Natel finter debits before credits. issuming that lcebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries or the sale and foreign currency forward contract in U.S. dolars. (If no entry is required for a transaction/event, select "No joumal entry equired" in the first account field, Do not round intermediate calculations.) Journal entry worksheet Tniurnal antry wnrksheet Notet Enter debits before credits. Journal entrv worksheet entries for the sale and forelignates the forward contract as a fair value hedge of a foreign currency recelvable, prepare journal b-2. What is the impact on 2020 net income? b-3. What is the impact on 2021 net income? b-4. What is the impact on net income over the two accounting periods? Complete this question by entering your answers in the tabs below. b-2. What is the impact on 2020 net income? b-3. What is the impact on 2021 net income? b4. What is the impact on net income over the two accounting periods? (Do not round intermediate calculations, Negative amounts should be entered with a minus sign.) Icebreaker Company (a U.S.based company) selts parts to a foreign customer on December 1,2020 , with payment of 25,000 dinars to be recelved on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 25,000 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 monthly basis. Relevant exchange rates for the dinar on various dates are as follows: lcebreaker must close its books and prepare financial statements ot December 31. Q-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 2020 net income? a-3. What is the impact on 2021 net income? a-4. What is the impoct on net income over the two accounting periods? b-1. Assuming that icebreaker designates the forward contract as a fair value hedge of a forelgn currency recelvable, prepare journal entries for the sale and foreign currencyforward contract in U.S. dollars. b-2. What is the impact on 2020 net incomet b-3. What is the impact on 2021 net income? b-4. What is the impact on net income over the two sccounting periods? Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a forelgn currency recelvable, prepare journal entries for the sale and foreign currency forward contract in U.S, dollars, (If no entry is required for a transaction/event, select "No journal entry required" in the first account feld, Do not round intermediate calculations.) Tnirnal entru wnrkehant Assuming that fcebreaker designates the forward contract as a cash flow hedge of a forelgn currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field. Do not round intermediate calculations.) Journal entry worksheet Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No journ required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet (5. 6 7 8 12 Record the entry to revalue the foreign currency account receivable. Noter Enter debits before credits: 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the change in the fair value of the forward contract. Note: Enter debits before credits. Assuming that Icebreaker designates the forward contract as a cash fow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the foreign exchange gain or loss on the forward contract. Note: Enter debits before credits. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet (1) 2 ( 3 ( 4 Record the amortization of the forward contract premium or discount. Note: Enter detits before credits. Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a tronsoction/event, select. No journal entry required in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the entry to revalue the foreign currency account recelvable. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a transaction/event, select "No journal entry required " in the first account field. Do not round intermediate calculations:) Journal entry worksheet Record the entry to adjust the carrying value of the forward contract to its current fair value. Note: Enter debits before credit:. Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a transaction/event, seiect "No joumal entr required" in the first account field, Do not round intermediate calculations.) Journal entry worksheet (1) (4) 7 8 9 12 Record the foreign exchange gain or loss on the forward contract. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prep for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, sele required" in the first account field. Do not round intermediate caiculations.) Journal entry worksheet Record the amortization of the forward contract premium or discount. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare joi for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No required" in the first account field. Do not round intermedate calculations.) Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a forelgn currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No foumal entry required in the first account field, Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. a-2. What is the impact on 2020 net income? a-3. What is the impact on 2021 net income? a-4. What is the impact on net income over the two accounting periods? (Negative amounts should be entered with a minus sign. Do not round intermediate calculations.) Journal entry worksheet Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journat entries. or the saie and foreign currency forward contract in U.S. dollars. (If no entry is required for a tronsaction/event, select "No journal entry required" in the first account field. Do not found intermediate calculations:) Journal entry worksheet Record the entry to revalue the foreign currency account recelvable. Mile: Eener debits befure crests. Assuming that icebreaker designates the forward contract as a fair value hedge of a foreign currency recelvable, prepare journat entries for the sale and foreign currency forward controct in U.S. dollars. (If no entry is required for a transactionvevent, seiect "Wo joumat entry required in the first account field. Do not round intermediate calculations.) Journal entrv worksheet ssuming that lcebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries or the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select No journal entry equired" in the first account feld. Do not round intermediate calculations.) Journal entrv worksheet 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entrv worksheet Record the entry to revalue the foreign currency account receivable. Notel enter debits before credits. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivabie, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the entry to adjust the carrying value of the forward contract to its current fair value. Natel finter debits before credits. issuming that lcebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries or the sale and foreign currency forward contract in U.S. dolars. (If no entry is required for a transaction/event, select "No joumal entry equired" in the first account field, Do not round intermediate calculations.) Journal entry worksheet Tniurnal antry wnrksheet Notet Enter debits before credits. Journal entrv worksheet entries for the sale and forelignates the forward contract as a fair value hedge of a foreign currency recelvable, prepare journal b-2. What is the impact on 2020 net income? b-3. What is the impact on 2021 net income? b-4. What is the impact on net income over the two accounting periods? Complete this question by entering your answers in the tabs below. b-2. What is the impact on 2020 net income? b-3. What is the impact on 2021 net income? b4. What is the impact on net income over the two accounting periods? (Do not round intermediate calculations, Negative amounts should be entered with a minus sign.)