Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2023, with payment of 20,000 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 20,000 dinars on March 1, 2024. Relevant exchange rates for the dinar on various dates are as follows: 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? cebreaker Company la U.S-based company purchases meteries from a foreign supplier on December 1, 2023, with payment of 20,000 dinars to be made on March 1, 2024. The materials ere 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 20,000 dinars on March 1, 2024 Relevant exchange rates for the dinar on various dates are as follows: Bate Becerber 1, 2023 December 31, 2023 March 1, 2024 Required: Forward Rata (ta Spot Rate March 1, 2024) $3.00 3.90 4.85 $3.875 4.000 N/A a-1. Assuming that Icebreaker designates the forward contract es a cash flow hedge of a foreign currency payable, prepare journal entries for the import purchase and foreign currency forward contract in US. 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? -1. Assuming that icebreaker designates the forward contract as a fair value hedge of a foreign currency payable, prepere journal entries for the import purchase and foreign currency forward contract in US dollars. b-2. What is the impact on net income in 2023 and in 20247 b-3. What is the impact on net income over the two accounting periods?