UK International Ltd invoiced a customer in the USA for goods to the value of 100,000 US$ on 31 December 2009. The US$ cheque sent to UK International by the customer was received on 31 January 2010 and was converted into £ sterling by the bank at 1.55 US$ to £1. Discuss the two transactions, the invoice and its settlement, and their impact on UK International Ltd’s income statement and its balance sheet as at 31 December 2009.